BlackBerry Throttled After Raymond James Downgrade

Blackberry Ltd BBRY shares are trading lower by $0.40 at $10.71 — down nearly 4 percent — in Tuesday's session. The issue is nearly $1.00 off its 2.5 high what was made on Friday at $11.53.

Investors are likely following the lead of Raymond James, which downgraded the issue from Outperform to Market Perform.

After a lower open, it attempted to reach the lower-end of Friday's range ($11.07), but came up shy only reaching $10.96, before continuing its move lower. So far, the ensuing decline has taken the issue to $10.63 and is attempting to rebound. That marks the lowest level for the issue since it bottomed on May 22 at $10.42.

Editor Note: A previous version of this article title stated that the Raymond James ratings change was an Upgrade. It was, in fact, a Downgrade.