'Fast Money' Recap: RIM's Bad Vibes

NEW YORK (TheStreet) --The market sank again Thursday on a disappointing home sales report.

The Dow Jones Industrial Average dropped 41.11, or 0.42%, to 9707.44, while the S&P 500 was down 10.09, or 0.95% to 1050.78. The Nasdaq fell 23.81, or 1.12%, to 2107.61.

Melissa Lee, the moderator of CNBC's "Fast Money" TV show, focused on Research In Motion(RIMM Quote), which was getting slammed in after-hours trading. The stock was down 14%.

Jim Goldman, a CNBC reporter said RIM beat expectations on the bottom line but its revenues were lighter than expected. He also said new subscriber growth and unit shipments were below expectations. In addition, the company offered disappointing guidance in the third quarter when it came to earnings per share, revenue, new subscribers and units shipped.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Goldman wondered whether the report was a sign of increased competition from RIM's rivals such as Apple (AAPL Quote) and Palm(PALM Quote) .

Goldman believes RIM should be OK over the long haul because the smartphone market can "easily support multiple success stories."

Lee noted that RIM's results were sending shares of Apple and Palm down in afterhours. She said RIM could be the "lynchpin" for Friday's session.

Guy Adami said it's too early to get into RIM, adding it could easily go down to a "60-handle." Tim Seymour said RIM was "set up to fail" prior to the earnings report because it had to "beat nicely" to succeed.