Research In Motion (NASDAQ:RIMM) — This designer and manufacturer of wireless equipment is best known for its line of BlackBerry smartphones. The Trade of the Day has commented on RIMM several times in the past year, with the last time being a sell recommendation on Sept. 1, when the stock was at $32.49.
Unfortunately, the company’s fundamentals have not improved even though the stock is down 90% from its peak in 2008.
RIMM is losing government and small-business contracts as Apple’s (NASDAQ:AAPL) iPhone and Google’s (NASDAQ:GOOG) Android phones are the choice of consumers. And S&P recently cut its already reduced earnings estimate.
Technically RIMM failed to break its bearish resistance line last week and reversed down and through both the 50-day and 20-day moving averages. Yesterday it gapped down on high volume and could break its low at $12.45. Sell RIMM at market.
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