Shares of BlackBerry lower after Apple, IBM announce business app partnership

BlackBerry shares are dropping after details emerged of a partnership between two of the world's biggest technology companies — Apple and IBM — that will cater to business customers.

IBM Corp. will be creating more business-themed applications for iPhones and iPads. IBM and Apple Inc. said late Tuesday that the apps are expected to be released this fall.

The partnership revs up the competition with BlackBerry, which is trying to reaffirm its position catering to businesses that require secure mobile communications.

BlackBerry Ltd., formerly known as Research In Motion, was once Canada's most valuable company. It has been hammered by competition from the iPhone and Android-based phones.

Its shares are down 11 percent to $10.03 on the Nasdaq in afternoon trading Wednesday.