Blackberry maker Research In Motion (RIMM) is getting crushed today on big volume after reporting fiscal 2nd quarter earnings after the close last night. Revenue was a little light as was their revenue forecast for the 3rd quarter. Average selling price for the 3rd quarter is expected to drop to $320 and this is getting some ink too. The numbers were still very good and this company is a cash machine in a secular growth market. But the stock might have gotten a little too hot to handle.
Volume is very big at 78 million shares already out of 568 million total oustanding – 14% of all shares. This suggests a lot of fast money is exiting the stock here.
Disclosure: Top Gun is short shares of Research In Motion (RIMM).