3 Stocks I Saw on TV
NEW YORK ( TheStreet) -- The markets rose Thursday on encouraging U.S. jobless claims data. The Dow Jones Industrial Average rose 45.33, or 0.38%, to 11,868.81. The S&P 500 added 3.94, or 0.33%, to 1215.76. The Nasdaq added 1.70, or 0.07%, to 2541.01. Guy Adami said on CNBC's "Fast Money" TV show that Research In Motion's ( RIMM), which was down 7% in after-hours trading after it reported weak guidance, should set up Friday as the capitulation day for the stock. He said it would give investors something to trade against in terms of being long. For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
Karen Finerman said the stock is ridiculously cheap and could get even cheaper. Pete Najarian wondered what is the capitulation bottom for the stock. He said the only catalyst for RIM is the QNX, which won't be be available in the middle of 2012. He said the stock generated heavy option activity, with traders evenly split in their expectations for a big move up or down. He said investors need to buy put protection in the stock as the company struggles to keep its market share from declining further. Colin Gillis, an analyst at BGC Partners who has a sell rating on the stock, said RIM is on the ropes. He said the new operating system is still in transition amid reports of a drop of unit smartphone shipments for the next quarter. He said there is no guarantee that its new Blackberry will get any traction against stiff competiton. He said he did not see any strategic acquirer in the wings. He said RIM might get a bounce from a couple of things in the earnings report but that the rally will likely fade because the "fundamentals are so wrong." CNBC reporter Jon Fortt, who was listening in on the conference call, dropped a bombshell when he reported that the debut of the Blackberry 10 will be delayed to the latter of the part of 2012 because of a delay in the availability of a crucial chip. "This is a big thing for shareholders," he said.