By Philip Elmer-DeWitt
September 16, 2011

Research in Motion’s loss is Apple’s gain, as the stock closes at $400.50 for the day

Apple’s (AAPL) shares jumped Friday morning in reaction to Research in Motion’s (RIMM) earnings report the night before. The iPhone 5 will “steamroll” the new BlackBerry 7, wrote Ticonderoga’s Brian White in a morning-after note to clients. “We believe it is only a matter of time before the iPhone and iPad challenge RIMM’s enterprise dominance.”

Apple opened at $396, up $3.04 (0.8%) from Thursday’s close. It broke through the $400 barrier in the last 10 minutes of trading and closed at $400.50, up $7.54 (1.92%), its high for the day¬†and its second highest close of all time.

RIM opened at $22.85, down $6.69 (22.6%) from Thursday’s close.

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