Days like today are a vivid reminder of why I like to buy and hold my favorite stocks. Somewhere around 6 a.m. (Hawaii time) I fell asleep, and at the time, my position in Research in Motion was lagging a bit. No surprise. Earnings came out a few weeks ago, and the stock was resting as the rest of Nasdaq showed plenty of green action. I woke up a few minutes ago (9 a.m. Hawaii time) to find RIMM at the top of my percentage gainers. Not just at the top, but far above Apple. RIMM is up 11% to 126, off its high of 128. Before I could look the news up, CNBC said that the BlackBerry is officially being distributed in China. No wonder! I suppose the RIMM bears can shut up now, what few are still around.
The RIMM chart is amusing. The stock shot up precisely at 8 a.m. here (2 p.m. Eastern). Maybe even more entertaining is the fact that Baidu, China Digital and Amazon have higher percentage gains so far today than Apple, even as Apple trades $13 up at $187 after yesterday's buttkicking earnings report. I had debated on Friday whether to buy a few more shares of Amazon, Baidu or start a position in VMware. Looks like Baidu would've been the right choice. VMware is up 3.9% and I have no complaints since getting a few shares at $97.66; VMW is now at $106.38.
There are a lot of astute traders who enter stocks prior to earnings and get out immediately afterward with their profits. They would've missed today's Great Leap Forward by Research in Motion. I'm just glad to be a vested spectator from the outfield seats.
WSJ: BlackBerry + China = Stock Goes Crazy
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