RIMM (Research In Motion) missed earnings estimates. I found it laughably funny that analysts were tripping over themselves to upgrade and raise profit estimates for the company? That was my choice of a stock to short before earnings (I rarely ever trade earnings). Down $10 in after hours? A sizable beat was priced into the stock, gotta love momentum traders fools. I'll discuss the greater fool theory at a later date which relates to this. The question I have for them and all the analysts on Wall Street is...WHO THE FUCK BUYS A $300 CELLPHONE IN TODAYS ECONOMY? I guess $4/gallon gas and food inflation isn't bad enough to decrease phone sales, or the fact that companies are shedding employees like they have the plague and aren't really replacing them.
I should be kicking myself, that’s an easy 8% gain lost. I'm also worried, the geniuses that kept raising their RIMM targets are the same people I hope to one day join, and it appears that an MBA is a factory for stupidity.
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