RIMM Followup, Earnings Help Stock Surge
I was out of the office all day today so I apologize for the lack of afternoon postings today. Yesterday I posted that RIMM could be a short pick in the coming months depending on how it played with $100 support and a few resistance points. Well, the stock just announced earnings after hours and is up, way up.
Real time as of 4:19 PM RIMM stock is trading just above $119 a share, up some 16% on the day. RIMM closed today at $107.08.
This sets RIMM to open not only above the 50 day moving average, but also above the gap range from December 3rd (both key resistance areas). Keep an eye on the stock after hours right now and watch it closely over the next few weeks. Bottom line is that this could be a long term trend setting move.
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Wow, that is a substantial move. I haven’t got to look through the earnings report yet, but it must be some pretty impressive stuff. I wonder though if it will really end up by this much at the end of the day tomorrow.
After a few days, RIMM has maintained its 10%+ move and a bunch of analysts have raised targets or at least reaffirmed price targets above $140. Hopefully it can keep the momentum up. Consumer sales seemed so strong, everywhere I looked in the past few months I always saw BlackBerrys. And not the old 7000 series… the newer Curves, Pearls, etc. The 9000 series is rumored to be coming soon, Pearl 2, possible touchscreen BB to compete with the iPhone. RIMM certainly seems to want to keep performing.