by Gavin M.
There are a few things I love in this world: Kylie Minogue's fine behind, Kate Upton, my AMEX and of course, seeing the bulls get crushed on BBRY. The funny thing is that I did not even know they were reporting today and I usually have a reminder on my iPhone on earnings of stocks I care passionately about.
If you are a GoT fan then you will get the Olly reference above. Olly is a deperate, angry boy wanting revenge for the death of his family. In this case, the bulls ALMOST had it, just almost had it then BAM! John Chen, their proclaimed savior crushes their hopes and dreams as he slashes his profit forecast.
There's only one way to interpret the move today - customers aren't paying to get Blackberry services anymore. Why would you cut profit forecasts if your company's enjoying steady, long term contracts? I'm not going into great detail because I'm not as stupid as those analysts over at BMO and RBC still sticking to their $10 / $11 price targets. Analysts are slow and useless when it comes to reality. They are paid to promote stocks according to what they think. Do they actually put their money into the calls they make? Hell no.
But today, it is a victory lap for me because as I have been saying for years now, this company is just simply doomed. It will be like RSH - Radioshack. It will take years for it to die. Heck, it might even downsize significantly and exist for decades to come but what the simple truth is, investors will once again get robbed. This time, bulls, don't call the SEC or the IIROC to complain about your stupidity, you only need to look in the mirror and blame the person staring back at you for putting money in this ridiculous company in the first place.
What's that? I can't hear you. I'm too busy laughing all the way to the bank with my BBRY short.
Traders from Equity Sense will be writing on this blog on positions and other market-related things.