Research In Downward Motion
Research In Motion Ltd.(NASDAQ:RIMM) announced today that Sprint Nextel Corp.(NYSE:S) will be the primary carrier for their new tablet computer product. The stock is trading lower today by $1.75 to $60.17. RIMM should have short term intra-day support around the $59.42 level. Should RIMM decline further below that level the next intra-day support area would be at the $58.90 level.
Sprint Nextel Corp. is trading slightly higher today by just 0.04 cents to $4.66 on the news. The stock has recently surged higher by 10.0 percent since the start of the new year. Therefore, most of this news was already factored into the stock price. Sprint Nextel should have intra-day resistance around the $4.75 area.
Nicholas Santiago
InTheMoneyStocks.com
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.