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Research In Downward Motion

Jan. 06, 2011 11:01 AM ET
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 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

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