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RIM shares slip, Seagate active after hours

LOS ANGELES (MarketWatch) -- Research In Motion Ltd. shares slipped Friday evening, slightly extending their sharp dayside drop as the BlackBerry maker's bleak quarterly report prompted several analyst downgrades.

RIM shares (RIMM) was off 0.3% at $7.37 in late trading. They slid 19% in the regular session after company's first-quarter report late Thursday contained a bigger-than-anticipated decline in sales and a related net loss. The company also pushed back the expected fall launch of its BlackBerry 10 operating system.

Among the downgrades on Friday, Bank of America/Merrill Lynch cut its rating on the stock to underperform from neutral, and CIBC and Scotia each cut their ratings to sell. Read about downgrades by Wall Street of RIM's stock.

Elsewhere in late trading, shares of Seagate Technology PLC(STX) topped Nasdaq's list of volume movers, with the price unchanged at $24.73. The hard-disk drive maker is replacing Progress Energy Inc. (PGN) in the S&P 500 Index (SPX) . S&P Indices announced the decision this week, as Progress Energy was near closing its acquisition by utility operator Duke Energy Corp. (DUK) .

In the day session, U.S. stocks surged, with the Dow Jones Industrial Average posting its best month of the year, after European Union leaders agreed on steps to bolster the economies of its more troubled nations. More in Market Snapshot.

The Dow Jones Industrial Average (DJIA) jumped 278 points, or 2.2%, to 12,880.09. The blue-chip index rose 3.9% for the month, but fell 2.5% for the quarter. It's up 5.4% for the year. The S&P 500 Index (SPX) gained 33 points, or 2.5%, to 1,362.16 and the Nasdaq Composite Index (COMP) rallied 3% to 2,935.05.