A long position in Research In Motion looked like a hot trade but so far all it’s done is burn Stephen Weiss.
Weiss, who is managing partner at Short Hills Capital and author of “The Big Win” made the fateful call back on May 1st.
At the time he thought RIM had turned a corner. “I think what you really have to focus on is that new CEO Thorsten Heins has changed the culture of the company” he said at the time.
To support his thesis, Weiss pointed to a how Heins handled a product launch. “The company never before would have been this open about a new product. So the opportunity is on the upside there. I think you have a good opportunity to get in.”
Unfortunately when Weiss made the call, shares were trading around $14. Now they’re around $9. That’s a decline of more than 30%.
What now?
"I like that the new CEO is much more open but price is truth. I was wrong," says Weiss. I’d suggest moving on. It seems to me the CEO can’t turn the tide, anytime soon."
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Trader disclosure: On June 26, 2012 , the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Steve Weiss is short JEC; Steve Weiss is short X; Steve Weiss is short MT; Steve Weiss is short JCP; Steve Weiss is long QCOM; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Steve Cortes is long SVU; Steve Cortes is long TREASURIES; Steve Cortes is long DEO; Steve Cortes is short COH; Steve Cortes is short GLD; Steve Cortes is short QQQ; Steve Cortes is short EUR; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long C; Pete Najarian is long INTC; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long FB CALLS; Pete Najarian is long MSFT; Pete Najarian is long MOS; Pete Najarian is long MMR
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