In terms of the fundamentals alone, RIMM does look intriguing. The company ended last quarter with $1.94 billion, or $3.70 per share, in cash and short-term investments, and no debt.
Besides trading very close to net current asset value, RIMM shares also trade at just 0.52 times tangible book value. But to some in the "value" arena, it looked intriguing at $20-plus this time last year, and again at $14 in May, and again at $10 in June. Now at $6 and change, it's either a screaming buy or a value trap.
I have not decided yet. There's some value there, but what is it? I've fallen prey to the dreaded value trap before; it comes with the territory.
The jury is still out on this one. If the company indeed puts out the killer product that convinces current BlackBerry users not to switch, if it can regain profitability, and if it can solve the technical issues in order to avoid another round of outages, then this is downright cheap.
But that's a lot of "ifs".
I'm staying on the sidelines, at least for now, but I will be watching.
At the time of publication, Heller had no positions in stocks mentioned.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.