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My heart may be small, cold and dark -- and I can't remember the last time I used it -- but I must say something in support of the people at Research In Motion (RIM-T).
For awhile, I haven't been comfortable with the way the media can portray the company as unfeeling at the least -- and at the worst something evil. Does everything about RIM have to revolve around the Research In Mo-Bros? Jim Balsillie and Mike Lazaridis -- the men -- have become a real distraction from the brilliance of machine: the Blackberry.
We seem to have become obsessed about dissecting the technology of every make and model of every phone and tablet out there in an effort to find the absolute, ultimate, technologically superior, my-friends-will-really-envy-me, best.
Ohhhhh, Mr. Kane. Is that what it's about? It's not about the company. The device I lovingly cradle in my hands is a reflection of me to other people. Look into your heart. Tell me I'm wrong.
Away from the emotion, it is famously known that U.S. President Lyndon Johnson said he knew he had lost the Vietnam War when he lost the public support of CBS newsman Walter Cronkite. That's what Messrs Balsillie and Lazaridis must have been thinking the day they woke up to news they had lost the support of Mike Abramsky. He is the RBC Capital Markets analyst who was in RIM's corner for so long, through so many challenges. As with Cronkite, when Abramsky fell off the bandwagon, the music stopped. Or if it didn't stop, it was drowned out by the shouts of heartbroken former RIM-supporters.
Research In Motion shares hit their lowest level since May of 2004 just hours before the company was scheduled to release its third-quarter 2011 earnings. With the stock down 73 percent year-to-date, a block trade of 1.5-Million shares went through in New York, accounting for 24 percent of RIM's volume on the Nasdaq.
At least someone was buying. Respected former Salomon Brothers equity trader Laszlo Birinyi told Bloomberg just the day before, he is recommending clients buy RIM stock. He said: "It's a long shot… they still have some patents, they still have a product, they still have a brand. Every once in a while you want to go out there and take a shot".
You can almost feel the love.