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BlackBerry shares rise after Third Point discloses stake

18
Feb
2014

BlackBerry shares rose more than 6 percent in early trading on Tuesday after investor Daniel Loebs Third Point hedge fund disclosed it had bought 10 million shares in the smartphone maker and technology company. Third Point said late on Friday it now owns a 1.9 percent stake in BlackBerry, making it the No. 5 shareholder in the Waterloo, Ontario-based company, according to Thomson Reuters data. Shares in BlackBerry rose 6.8 percent to $9.59 on the New York Stock Exchange, while its Toronto-listed shares rose 6 percent to C$10.47. It has also agitated for changes at blue chips such as Dow Chemical Co and Yahoo Inc. It was not immediately clear whether Third Point will seek changes at BlackBerry, which is attempting to reshape itself under the leadership of new Chief Executive John Chen.

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