RIM stock hit as apple set to unveil ipad2

Shares of BlackBerry maker Research In Motion (RIM) have retreated after two brokerages downgraded the Canadian wireless giant in view of the stiff competition from Apple's iPhone and Google Android devices.

Shares of BlackBerry maker Research In Motion (RIM) have retreated after two brokerages downgraded the Canadian wireless giant in view of the stiff competition from Apple's iPhone and Google Android devices.

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RIM stock closed Tuesday at $62.12, slipping about 2% immediately after its downgrading by CSLA brokerage to “underperform” and by Gleacher & Co to “neutral” for 2011.

Its shares had registered big gains last weak after RIM touted its yet-to-be-launched PlayBook tablet as a better performer than Apple’s iPad.

The RIM downgrading also came amid reports that Apple is set to release a new version of the iPad early next year even before the BlackBerry's PlayBook hits US.