Beware Bullish RIM Chatter: Fast Pros
On Friday speculation about the future of RIM landed front and center after published reports suggested IBM might be interested in buying RIM’s network operations unit.
"IBM made an informal approach about possibly acquiring the division, which operates a network of secure servers used to support RIM’s BlackBerry devices," said the report.
Investors immediately gobbled up shares of RIM on speculation that the chatter may be a prelude to a bigger deal.
However, if you're among those enthusiasts, the Fast pros say buying may be a mistake.
OptionMonster Jon Najarian tells us he's scoured the options universe in an attempt to confirm the speculation - and he's come up empty. His proprietary heat seeker does not confirm the speculation.
“There just aren’t nearly enough speculative bets (to give credence to the chatter),” he says. “In fact, I’m seeing call selling," he says. That's a bearish bet.
And after the broadcast Jon's brother Pete Najarian confirms the skepticism.
“I really don’t think this is a case of where there’s smoke, there’s fire,” he tells us. When there's substance behind rumor, we almost always see it reflected in options.
Posted by CNBC's Lee Brodie
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CNBC.com with wires.