Home > Stock Market Sells > S RIMM @$83.60

S RIMM @$83.60

I wasn’t even going to post on the RIMM earnings but Andrew’s has given me food for thought that I hope readers may enjoy. I have been long RIMM for months and believe strongly in it’s longer term prospects due to the secular growth trend in mobile computing and smart phones.

That being said, I sold 30% of my shares ahead of earning because I felt that expectations had exceeded reality. Andrew points out that revenue missed (consensus) estimates by only 2%. However, whisper numbers were above the high end of the spectrum closer to $5.75B which would imply a miss of closer to 8%.

I’m maintaining my $100 price target but I will be taking some profits at earlier levels. I now consider my self under invested in RIMM and I will be buying around $66-69.

Disclosure: I am long much of the mobile wireless market with positions in RIMM, AAPL, QCOM, TEF, T, TSM (and I was stopped out of my NVTL position today).

-MJB

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