Research In Motion delivered quarterly earnings results on Thursday that beat expectations on the bottom-line, but gave a gloomy outlook going forward. As the BlackBerry maker’s stock fell sharply in after-hours trading, the “Fast Money” traders debated whether RIMM is worth buying.

To trader Guy Adami, there may be an opportunity to buy RIMM on Friday, but only as a trade.

“Friday you might finally see the capitulation day on the downside that gives you something to trade against in terms of being long the shares,” said Adami, managing partner at Drakon Capital, adding the stock would flush out on Friday. “Washes out, trades $13.50 a share and maybe closes right around there and within a week or so, you could see it bounce up to $15 or $15.50 a share.”

Adami doesn’t recommends buying RIMM to hold it for a long-term. Instead, he would pick up shares only to sell them should the stock pop in the near-term.

Trader Joe Terranova agreed with Adami that capitulation could happen Friday, noting there are a lot of traders who bought the stock at around $23 or $24 a share. With the stock continuing on a downward path, he thinks many traders will simply “throw up their hands” Friday. Terranova wouldn’t consider buying RIMM until capitulation occurs.

Even if there is a “flush” on Friday, options trader Pete Najarian isn’t sure it will be the capitulation bottom. He thinks it could continue to fall until there is a “structural change” in the company.

Karen Finerman of Metropolitan Capital Advisors thinks RIMM is “ridiculously” cheap right now and although shares continues to fall, she not sure that means it’s getting “cheaper.” As the stock falls, Finerman said it might simply mean the company’s business has just become “hampered.” (Click here to get after-hour quotes for Research In Motion here.)

To make matters worse, RIM executives said on the conference call that the BlackBerry 10 device will now be delayed until the latter part of 2012. The dual-core chip needed to run the device won't be availible until mid 2012, so executives said they were forced to delay the launch.

The news took the "Fast" traders by surprise. Adami wondered why the company didn't announce the delay earlier. Options trader Mike Khouw meanwhile called it a death knell, as few people were waiting for the device in the first place, so he fears pushing it back could lose any remaining traction they have.

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Trader disclosure: On Dec. 15, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders:
KAREN FINERMAN: Finerman owns BAC and AAPL. GUY ADAMI: Adami owns AGU, MSFT, NUE, BTU, C, GS, INTC.

PETE NAJARIAN
Najarian is long AAPL
Najarian has BAC long calls
Najarian has JPM calls
Najarian has WFC calls
Najarian is long INTC
Najarian is long YHOO

JOE TERRANOVA
Terranova is long VRTS
Terranova is long IBM
Terranova is long LQD
Terranova is long MUB
Terranova is long EMC
Terranova is long CSCO
Terranova is long AXP
Terranova is long TRLG
Terranova is long SBUX
Terranova is long SWN
Terranova is long SU

KAREN FINERMAN
Finerman’s firm owns AAPL AND short calls
Finerman’s firm owns JPM and leaps
Finerman’s firm owns IBM and short calls
Finerman owns JPM and leaps

STEVE WEISS
Weiss is long JPM
Weiss is long QCOM
Weiss is long SDS
Weiss is long TWM
Weiss is long WLP
Weiss is long BRCM
Weiss is long HPQ
Weiss is long EUO

MIKE KHOUW
Cantor Fitzgerald is a market maker in securities of AAPL
Cantor Fitzgerald is a market maker in securities of BAC
Cantor Fitzgerald is a market maker in securities of C
Cantor Fitzgerald is a market maker in securities of XLF
Cantor Fitzgerald is a market maker in securities of GOOG
Cantor Fitzgerald is a market maker in securities of JPM
Cantor Fitzgerald is a market maker in securities of GDX
Cantor Fitzgerald is a market maker in securities of MS
Cantor Fitzgerald is a market maker in securities of NFLX
Cantor Fitzgerald is a market maker in securities of ORCL
Cantor Fitzgerald is a market maker in securities of GLD
Cantor Fitzgerald is a market maker in securities of XLU
Cantor Fitzgerald is a market maker in securities of TLT
Cantor Fitzgerald is a market maker in securities of GS
Cantor Fitzgerald is a market maker in securities of RIMM
Cantor Fitzgerald is a market maker in securities of FRX
Cantor Fitzgerald is a market maker in securities of THOR
Cantor Fitzgerald is a market maker in securities of WBMD
Cantor Fitzgerald is a market maker in securities of FDX
Cantor Fitzgerald is a market maker in securities of UPS
Cantor Fitzgerald is a market maker in securities of EXPD
Cantor Fitzgerald is a market maker in securities of SBUX
Cantor Fitzgerald is a market maker in securities of NVLS
Cantor Fitzgerald is a market maker in securities of PHM
Cantor Fitzgerald is a market maker in securities of FSLR
Cantor Fitzgerald is a market maker in securities of DECK
Cantor Fitzgerald is a market maker in securities of TRIPV
Cantor Fitzgerald is a market maker in securities of CVX

DAN DICKER
Dicker owns SLB
Dicker owns RIG
Dicker owns APA

MICHAEL CHERTOFF
No disclosures

STACY WIDLITZ
Widlitz owns LULU

COLIN GILLIS
RESEARCH IN MOTION (RIMM): Investment banking (next 3 months): BGC Financial LP and/or its affiliates, expect to receive, or intend to seek, compensation for investment banking services within the next three months from all of the companies referenced within this report.
Lead or Co-manager: BGC Financial LP and/or its affiliates, has not acted as lead or co-manager in a public offering of equity and/or debt securities for Research in Motion within the last 12 months. BGC Financial LP and/or its affiliates has not received compensation for investment banking services in the last 12 months from Research in Motion.

TAPOSH BARI
Nike (NKE), VF Corporation (VFC), and Wolverine Worldwide (WWW): As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals as appropriate in the analyst's judgment.

CNBC.com with wires.