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How Low Will BlackBerry Go?

Say want you want about the word conviction, but patience has it limits. And I've reached the point where it now seems dumb to expect better long-term performances from

While I haven't always liked BlackBerry's (BBRY) recovery potential, I've nonetheless been willing to give management the benefit of the doubt. But now even my "cautious optimism" seems unwarranted, if not entirely misguided.

A BlackBerry spokesperson announced on Wednesday that three more mid-level executives are leaving the company as a result of disappointing sales.

The departing executives, identified as vice-presidents Doug Kozak, Carmine Arabia and Graeme Wittington, were first reported leaving by the Canadian Broadcasting Corp.

Given that the company is in what it calls "phase 2" of its restructuring process, it is expected that more employee reshuffling will continue as the company tries to find the right balance in its operation after the company recently angered investors with a brutal first quarter loss.

I won't disagree that the company did a great job of billing up the phone as better than Nokia (NOK), which are on Microsoft's (MSFT) Windows platform. But clearly very few people (outside of BlackBerry bulls) seemed to care that the phones exist. And I believe this is why management has opted to withhold sales figures.

As of this writing, the stock is getting hammered – losing close to 4%. It's beginning to look more and more like the “feel-good” turnaround story that investors believed BlackBerry was capable of becoming, is not going to happen.

Investors are now faced with the reality that BlackBerry has been too far behind Apple (AAPL) and Google's (GOOG) to mount a full recovery. The only question now is, how low will the stock go?

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Stock Tickers: BBRY NOK MSFT AAPL GOOG Author Disclosure: At the time of publication Richard held shares of Apple.