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Wednesday, June 25, 2008

Research In Motion (RIMM) 1Q:2009 results

Stock down a quick 15 on the earnings. Yikes.

They missed current quarter estimates by a touch and EPS by a penny. Next quarter, they guide better than consensus and about in-line with recently revised revenue estimates. The EPS guidance, however, is as much as nickel below the street.

Subscribers come in at 2.3mm, which is a little bit below some of the recent #s I've seen. Shipments of 5.4mm is roughly in line.

Down 15 seems extreme and I'm tempted to start buying it here but I figure a lot of traders are caught in the name because of all the reiterations going into the number. I'm bidding $120 to buy some, hoping it gets sloppy. I think 131 is a fake support level near-term. It's going to need to spill more than that.

If RIMM trades to 120 its a great opportunity to get in on the preeminent smartphone franchise.

1 comment:

Anonymous said...

120 seems right - considering there are only 3 trading days left in the quarter and managers are hemming and hawing over what names need to be on the sheets for quarter end.

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