Let's start with CEO John Chen. He is leaps and bounds better than Thorsten Heins, the previous leader of the handset maker.
Chen is honest, while Heins scared investors with comments about how the tablet market would barely exist in a few years and why his phones would dominate the market. Neither claim was further from the truth.
Chen, on the other hand, seems to be realistic. Originally, I considered his plan for reaching profitability by fiscal 2016 as too difficult. I still do. But he's on record saying that there is only a "50-50 chance" that the turnaround plan will actually work.
(FB - Get Report) bought WhatsApp for $19 billion, everyone was quick to suggest that BlackBerry's Messenger feature would suddenly be worth more than the whole company.
Thankfully, Chen -- who admitted to being open to spinning off the asset -- said that BlackBerry won't be "getting our $19 billion" yet, at least until the company refines the product a bit.
But Chen has reset everything. He's lowered expectations and let the weak shareholders wash out. More positive news -- such as the teaming up with Ford (F - Get Report) -- and momentum could pick back up. I'd suggest you either be long on this stock or flat it. Regardless of whether the fundamentals change, I would not short it until the crowd changes. There's plenty of room to the downside, if the time comes. At the time of publication, the author held a long position in Ford. This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell