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All of Research In Motion's (RIMM -2%) board members have been re-elected at the company's...
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Tuesday, July 10, 2012, 11:00 AM ETAll of Research In Motion's (RIMM -2%) board members have been re-elected at the company's shareholder meeting, though substantial minorities withheld votes for Thorsten Heins, Mike Lazaridis, and Barbara Stymiest. RIM says it has hired an executive search firm to find board members with technical experience, and plans to consolidate manufacturing from 10 sites to 3. Heins continues to toe the company line quite faithfully.
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Disclosure: I own RIMM Put, AAPL CALL and Just sold ARNA CALL for 20% gain.
Anyway, on topic - wow, the fact that RIM shareholders reelected the board shows that they're totally in denial. Hope that works out for them. It hasn't yet, but maybe if they keep trying the same thing, they'll get a good result.
Ian Austen, reporting for the NYT, on RIM:
“They’re going to get sued and they should get sued because I think a closer look at the record is likely to unearth knowing and willful misrepresentation,” said Jean-Louis Gassée, the former president of Apple’s products division and the founder of the software maker Be, who is now a venture capitalist and blogger in Palo Alto, Calif. “When the C.E.O. says there’s nothing wrong with the company as it is, it’s not cautious, it doesn’t make sense.”
Bye bye RIM. You had your time, but you got lazy and refused to innovate strongly and early enough.
You are correct in the sense that I try to digest/understand the implications of news myself to figure out which way it will drive the pricing of my own positions/investments for the sake of making money. For that reason, I post my understandings of the news' implications and humbly and thankfully waiting for and reading others' feedback/comment/sugge... which together with my own studies form the base for decision making on my trading directions and actions. I do not believe, do not intend and do not hope my postings on SA will have any influence on any security traded in the big and free market. Further, I do not have any inside info on any security and I do not work for any security/brokerage firms/banks.
Some SA members posted some comments/suggestions to my June 28, 2012 posting "Bought 1K July 21'12 $7 Put" in a different thread. To show my appreciation for them and for all the comments/suggestions on my other postings on SA, I shared with them and would like to share with you and other SA members the following on how my tradings have been eve since.
Today, July 10, 2012, is a day full of actions: At $.23, I sold most of RIMM Jul 21 12 7.00 PUT (when RIMM @$7.21) and bagged a good gain (previously missed a gain up to 115% on July 2 because of mistakenly waiting for RIMM to drop more (below $7.14). But, RIMM bounced up instead from July 2's low of $7.14 to July 6's high $8.14, knocking down my RIMM PUTs by 75% below cost/capital with the PUT going down to as low as $0.06. Confident that RIMM was going to come back down in a few days, so waited for it to happen and glad it did drop from July 6's high of $8.14 to today's low of $7.20 with the PUT going back up to as high as $0.24 today. If you are active trading, please be aware what I experienced in last few days of trading: there seem to be a lot of buying interest/power for RIMM around $7.20.
Also bagged 20% gain on ARNA CALL today after its price has gone up for two days in a row.
I still own some RIMM PUT and AAPL CALL, and now looking for new opportunities. Any comments/suggestions will be much appreciated.