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Three Blackberry Z10 devices are set up for a photo during a press event at a Rogers store in Toronto on Feb. 5, 2013.
Three Blackberry Z10 devices are set up for a photo during a press event at a Rogers store in Toronto on Feb. 5, 2013.
(Fred Lum/The Globe and Mail)

Markets misread Pentagon’s BlackBerry non-news

BlackBerry Ltd. shares have been sizzling hot so far this year, but perhaps the market is getting just a bit ahead of itself, after a misreading of a Pentagon press release sparked a huge run on the stock.

The stock jumped Monday on the Toronto Stock Exchange, then extended gains on the Nasdaq after U.S. markets returned from the Martin Luther King Jr. Day break, on supposed news that the U.S. Department of Defense had ordered 80,000 BlackBerrys. At least that was the distinct impression left by numerous tech, investment and even mainstream blogs based on their rehashing of other news reports.