Ouch...
The stock (RIMM) ended the regular session at $14.12 on high expectation of a better quarter. It is currently trading at $12:53, down 11% from the close.
The company that makes Blackberry mobile devices beat both top line and bottom line (i.e. it lost less than expected), but when the investors read the fine print, they'd rather be out.
Articles like this one ("RIM Rally Ain’t Over: Shares Jump After Earnings") by Wall Street Journal were written prematurely, obviously.
Normally I would say it is end of year tax selling but this year I would say it is definitely end of year tax selling since Congress is three sheets to the wind. Besides that, 90%+ of trading is computer generated, so I think it is computer versus computer trading set to sell a stock on any price rise to cash in for profits before the end of the year.
ReplyDeleteOf course, unless, your stock goes by the symbol MDBX then stoners are probably actively trading it.
It was amusing that people were saying "RIMM has turned the corner!". Turned the corner alright, and there are more corners.
ReplyDeleteFutures in trouble tonight as Congress fiddles.
ReplyDeleteHoly pork cutlet and rice! Dow futures down 197? Ahhh things are finally getting normal.
ReplyDelete