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BlackBerry maker Research in Motion reported a 37% jump in cash after the bell thursday, but its gloomy prediction punished the stock friday.
Research In Motion’s shares plunged 17% on friday after the smartphone maker’s financial third-quarter outlook said thursday missed expectancies. Shahriar Davaran
Shares slid $14.15, or more than 17%, to close at $68.91.
Shahriar Davaran
‘I would look at this as an overreaction, and a purchasing opportunity,’ asserted Nick Agostino, researcher at Research Capital. ‘The report was lighter than expectations, but to say ’significantly lower’ is a bit strong.’
Revenue jumped 37% to $3.53 bn.. Researchers were expecting earnings of $1 per share on revenue of $3.62 billion.
during the quarter, which ended August.
But RIM’s outlook wasn’t as rosy. Analysts were expecting $3.92 bill.
The company expects revenues per share of between $1.00 and $1.08, while researchers are expecting $1.05. RIM is expecting to ship between 9.2 million and 9.9 million units in the third quarter.
‘Expectation is actually a key risk,’ Agostino said, noting that edge will upgrade lots of its devices in its third quarter.
Goldman Sachs ( GS, Fortune 5 hundred ) cut its rating on edge to’neutral’ from’buy,’ while Deutsche Bank ( DB ) moved it to’sell’ from’hold.’
Agostino claimed he left his rating unchanged at’buy,’ with a price target of $98.
‘I’m hoping that as we move toward November and get more visibility on new devices and launch dates, the stock will get a reaction,’ he revealed. ‘We’ll need to see about Quarter Four outlook, but it should be a fascinating few months for these guys.’
Apple’s iPhone could be in the ascendant, but competing players continue to face issues in the space, with Research In Motion shares falling 11 percent on the pre-market this A. and the recently-introduced Palm Pre phone this A. M. discounted to just $100 on Amazon.
That’s a $400 saving on the first retail price…and potentially not a pretty sign for Pre…
Palm was in the news a lot this week, with market rumours speculating Nokia may make an attempt to take over the company emerging at the same time as Palm issued a major tranche of new stock options in an attempt to pull in cold, hard investment cash.
The company also took a blow this week when the USB Forum announced it in the wrong to build iTunes syncing on the Pre, and demanded to know why it was using Apple’s USB Vendor ID number in order to achieve this without Apple’s authorization. The company now has just a couple of days to elucidate itself.
Over at Research In Motion, strong device sales in the just-gone quarter couldn’t hide Wall Street’s disappointment at the firm’s confession it anticipated to miss researcher targets in its Q3 cycle.
Net profit declined 4% from this time last year to $475.6m on sales of $3.53bn ( up 4% y-o-y ). But researchers weren’t satisfied the company could maintain momentum, especially as it chases the low-end markets, with Goldman Sachs, Raymond James and Deutsche Bank all issuing downgrades, driving a sell-off in company stock.
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Tikva Davaran
Article Source: ArticlesBase.com – Tikva Davaran – Rim’s value sinks 17% on speculations
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