Research In Motion Ltd. (Nasdaq: RIMM) rose 24 percent to a 52-week high Thursday after the company and Nortel Networks Corp. revealed plans to offer wireless Internet services and “connected computing appliances.”
The new products will combine such Research In Motion products as the wireless pager and BlackBerry wireless e-mail device with Nortel’s wireless Internet technology to “offer true ‘wireless portals’ for pervasive interaction between consumers, businesses and the Internet,” the companies said. Research In Motion shares ended Thursday at 142.25, up 20.30.
The announcement builds on a January agreement between the companies to share technology and marketing. The agreement includes a $25 million investment by Nortel in Research In Motion, which has also signed technology and marketing agreements with Bid.com (Nasdaq: BIDS) and VeriSign, Inc. (Nasdaq: VRSN) over the past two months. The company has seen its shares more than double since the start of the year.