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When Research In Motion logged into BlackBerry Smartphone’s Facebook account on Tuesday, the Waterloo, Ontario-based designer of wireless products for the mobile communications market was met with more than 1 million friend requests.

“When we launched Facebook for BlackBerry Smartphones, we believed that consumers would recognize the value of marrying social networking with mobility and that vision has now been validated more than a million times,” said Mark Guibert, vice president of corporate marketing at Research In Motion.

The company launched its mobile software application at the Cellular Telecommunications & Internet Association’s Wireless IT and Entertainment 2007 show on Oct. 24, 2007, leveraging the push-based BlackBerry service and the Facebook platform to offer a new mobile experience for Facebook users. The application allows users to send and view messages, photos, and wall posts on Facebook while automatically receiving notifications on their BlackBerry as friends and colleagues respond with messages and photos of their own.

“This innovative mobile application … makes it easier than ever for Facebook users to stay connected with people wherever they choose,” Guibert added.

UBS maintained its buy rating and $155 price target on the stock of Research In Motion, saying it expects a third-generation (3G) technology BlackBerry, with a higher average selling price, to support growth into November.

“We believe demand remains robust (as evidenced by strong net subscriber additions) and strong initial orders for the CDMA Curve point toward a push by Verizon Wireless (and likely other carriers soon after),” UBS said. “With a higher average selling price, the CDMA Curve, combined with continued demand and international ramp, should help drive May-quarter revenue above current Wall Street consensus.”

The firm also said demand for smartphones is growing rapidly, and although Research In Motion faces higher competition, the potential market size is big enough to benefit multiple players.

A study of the top 25 holdings of the largest hedge funds shows that the investors pared their Microsoft Corp. holdings by about 30% during the quarter, according to Thomson Financial Proprietary Research. The funds also cut back positions in WellPoint, Google Inc., and ConocoPhillips during the quarter.

During the preceding third quarter, top hedge funds had increased their Microsoft positions by 19%, according to the study. There is one less Microsoft holder in the top 30, suggesting an elimination of the position during the fourth-quarter, the market analysis firm added. A much deeper decrease in Microsoft holdings during the fourth quarter compared with the third-quarter increase could imply that more managers will use future stock strength to exit positions in the software giant, Thomson said.

Hedge funds also cut back during the fourth quarter on shares of Wellpoint, reduced another 26% following a 9% decrease in the third quarter. Google positions were trimmed by 15% after an 18% decrease in the previous quarter, and ConocoPhillips holdings were cut by 15% after a 38% reduction in the third quarter.

The five new positions in the top 25 added during the fourth quarter were Apple Inc., in 8th place and held by 19 hedge funds — the most-held stock on the list; General Electric Co., which ranks 18th and is currently trading at about 14 times next years earnings, the lowest in a decade; MasterCard Inc., ranking 22nd; Travelers Cos., in 23rd place, and Fidelity National Information Systems in 25th.

Hedge fund managers slashed Research in Motion positions by 50% in the third quarter, but the study said funds appear to be adding the stock to portfolios again as holdings increased nearly 8% in the fourth quarter.

Funds continue to build positions in railroads, suggesting that they are an attractive longer-term investments, Thomson Financial said, noting that Burlington Northern Santa Fe ranked 15th among top holdings, an increase from last quarter’s rank of 23rd.

Money also moved into Mexico’s wireless company America Movil, AT&T Inc. and Exxon Mobil Corp, which rose 12 notches to 9th largest holding. “This may suggest that the smartest money believes [Exxon Mobil] to be the top energy sector holding to own longer-term,” Thomson said.