Indices closed green....
Dow closed well above 50 DMA....
S&P 500 only 6.78 points away from 50 DMA...Nasdaq only 44.17 points away from 50 DMA...
Internals of the market were positive...
AH ER MU was a beat, stock UP 3.77%
AH ER RHT was a beat, stock UP 10.58%
Tomorrow AH RIMM reports, which is "universally hated" & has been left for dead......
I am expecting RIMM to offer UPBEAT GUIDANCE to the "surprise of many Hedge Funds & millions of shorts".....IF that happens....then expect the "biggest short squeeze" of this earning season.......Options are pricing a move of 9% + or -...i am betting that it is on the + side....
Let us look @ raw numbers of RIMM for ER AH :
Sales for Q4 which ends in Feb 2011, expectations are $5.63 Billion ..increase of 38.10% YOY
EPS for Q4 expectations are $1.75 per share...increase of 37.80% YOY
IF you listen to all the "bears" you would think RIMM is growing like CSCO in single digits ???
Expectations for Q1 Sales are $5.64 Billion..increase of 33.10%
Expectations for Q1 EPS $1.65..increase of 19.57%
RIMM Sales for FY ending in Feb 2011 expected to be $19.97 Billion with EPS of $6.33
RIMM Sales for FY ending in Feb 2012 expected to be $23.98 Billion with EPS of $6.77....
SO.... in AH CC RIMM should be able to guide better than expectations for Q1 of this year.....
Based on Today's close of $62.12...RIMM is trading @ current PE of 9.18......which is way low for a company which "finally" may be getting its act together........
RIMM 50 DMA is $63.91 & its current RSI is 44.68........
AH Futures Mixed
AH Asian Markets UP
AH Oil & Gold Down
BLOG does NOT give buy or sell.
Saleem
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