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Research In Motion (RIMM) Continues Downward Trend

12:45pm (EST)

The bulls took the major indexes higher at the open but thing started to change after an hour of trading.  The Dow was showing an 80 point pop but slipped into negative territory after drifting lower as we head towards the second half of trading.

The bears were patient as the bulls lacked any real conviction and there is no major economic news due out today.  Earnings are light as companies start to close the books on 2Q earnings and look ahead to 3Q’s numbers.  As a result, the major averages are hugging the flat line as both the bulls and bears feel each other out.

The Dow is currently up 11 points to 10,225 but has traded to a low of 10,191 and below our intermediate target of 10,200.  We said last night the bears will be taking a shot a Dow 10,000 and that appears to be a good possibility this week.

The S&P is showing a gain of 2 points and is at 1,074 while the Nasdaq is lower by 7 points to 2,172.

Other tidbits from today’s action:

From time to time, we like to voice our opinion on analyst’s upgrades and downgrades on stocks.  Today’s head scratcher comes from Deutsche Bank (DB, $65.11, up $0.17) which downgraded shares of Baidu (BIDU, $79.70, down $2.47) this morning. 

bidu082310

DB lowered its rating to Hold from Buy but raised the price target to $86 from $80. Shares closed at $82 on Friday so, technically, weren’t shares a Buy if they raised their price target?

rimm082310

Research In Motion (RIMM, $47.83, down $0.89) continues to gravitate towards its 52-week low and could be headed for real trouble.  Our channel checks are showing the Torch is not keeping pace with the other “smartphones” and RIMM is losing market share at an alarming rate.

mos082310

Mosaic (MOS, $59.01, up $2.37) continues to spit fire while Potash (POT, $151.52, up $1.85) stays smoking hot.  We did a big write-up in our Weekly Wrap on the Agriculture sector last night for those of you who may have missed it and want to hear our thoughts. 

pot082310

We have a lot to cover in our Members Area so let’s get to it!  Subscribers, check for today’s updates.

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This entry was posted on Monday, August 23rd, 2010 at 12:46 PM and is filed under Company Commentary, Hot Stocks, Market Commentary. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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    “Rick – Wow what a day! I got in at the Dendreon calls at $2.25. Thanks to for your advice. I appreciate that. This company has a lock on this type of therapy and no one else in the world is close. Kind of reminds me of the type of companies that Peter Lynch and Warren Buffet suggest that investments be made in. Companies that can build a moat around their business model, that allows them to charge a premium for their product or service. In other words - a monopoly.”

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    “Hi Rick, thanks for the encouragement to play the dendreon calls! did freaking great! Got in the first lot at $1.44 on 3-24-09, sold at $2.45, 70% not bad. Bought it back at $2.30 on 4-7-09 closed out on 4-14-09 for 454% gain! Wow! I love it when that happens. So, thanks the encouragement to get back in when others were saying sell, sell, sell. Keep up the good work.”

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    “Rick – Thanks for Dendreon – it has made all the headlines today! I missed on RIMM earlier, but I’ve been holding onto DNDN calls since 3rd week March. Of course today it all paid off today, as DNDN rocketed up.”

    Jan. 31 2012
    Rick, new member...Studied all current trades, did some chart work,picked ZNGA, PEP, MGM...Sold on Feb. 2 for $3600.00 profit...Cost for 1-year membership to your newsletter was less than $1000.00..All I have to say..Thank you. John H –

    3/18/11
    Rick, I purchased 10 contracts of the Nike March 85 puts Thursday afternoon for $2.00. Thing is, I was upset because the puts went down to $1.60 or so before the market closed. Well, needless to say Nike didn’t impress Wall Street and when I turned on the computer this morning the puts were worth $7.10! Sold them for a $5,100 profit!. Thanks again, you are the MAN. Chuck J-

    2/3/12
    Hi Rick,

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    Hi Rick,

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