They have already lowered estimates to .81 to .83 a share, and the stock is at the bottom of it's current trading range, at just under 39.
I have no idea what is going to happen to the stock when they report earnings, but then again, neither does anybody else on the street. Which means the December 40 calls at $1.61 won't lose premium, especially if we get a NASDAQ rally in the beaten down tech names.
You could probably buy the calls, and flip it when the implied volatility increases before RIMM reports, and make money without playing the earnings, but by just playing market expectations on them. (After all isn't everything already priced into this market? It looks like even Madoff's ponzi scheme was priced in by the market gods!)
Especially if the stock rallies before it's earnings report after Thursday's close. After all, we get the Fed rate cut on Wednesday, and probably more talk of quantitative easing.
In any event, it should give you some action without taking all your premium away!
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