Research In Motion Up on Report of BlackBerry Flip Phone

Did you wonder why Research In Motion Ltd.'s (RIMM) shares were up about 5% yesterday? Well, Blame the Boy Genius.

According to a posting of the Boy Genius Report, a blog devoted to releasing information about upcoming cellphones before they are released, RIM is making a BlackBerry flip phone device.

Code-named the "Kickstart," the device's form factor suggests RIM is looking to make further inroads to the consumer market, which has long been dominated by Motorola (MOT) and Nokia (NOK).

In a note to clients on Thursday, RBC Capital Markets analyst Mike Abramsky said:

The new form factor, a departure from its traditional keyboard handsets, is in our view a prelude to a significant product cycle expanding RIM's handset lineup, particularly for additional market segments and consumers.

It shows RIM is unafraid of reinventing (similar to move to trackball from the scroll wheel) itself to target competitive opportunities. In our view, RIM is positioning itself for significantly larger market opportunities beyond its traditional base.