Citigroup is out cautious on Research in Motion (NASDAQ:RIMM) this morning saying that while they expect strong results, the stock will likely see headwinds before the Apple Worldwide Developers Conference (June 9th through the 13th) as they expect the iPhone SDK to enter full commercial release and anticipate a financial and technology media love-fest for the iPhone around this event. Citi believes investors should use this anticipated weakness to either add to existing RIM positions or initiate new positions. RIM is expected to report May quarter results after the close on Wednesday, June 25th and they think the stock should see positive performance heading into the report.
Notablecalls: I expect RIMM to trade closer to the $130 level in the near term. Not sure there is any correlation but TIBCO's (NASDAQ:TIBX) warning from yesterday may be a sign the financial industry is paring back the expenses. Note that TIBX has large financial exposure. So does RIMM.
Apple's WDC serves merely as a trigger here.
Notablecalls: I expect RIMM to trade closer to the $130 level in the near term. Not sure there is any correlation but TIBCO's (NASDAQ:TIBX) warning from yesterday may be a sign the financial industry is paring back the expenses. Note that TIBX has large financial exposure. So does RIMM.
Apple's WDC serves merely as a trigger here.
1 comment:
I would think most new cell phone buyers would wait for the release of the iPhone before buying a new RIMM. Therefore, one would think RIMM could miss the street this report. I'm short @136.
HH
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