Was the Street impressed or underwhelmed by the new BlackBerry Torch, which debuted on Tuesday?
Shares of Research In Motion closed lower after the company introduced the gadget; essentially a revamped version of its BlackBerry smartphone intended to do battle with Apple’s iPhone.
AT&T will be the carrier for the device, named the BlackBerry Torch.
The gadget goes on sale August 12 for $199.99 with a two-year service agreement.
The device has both a touchscreen and slide-out keyboard, and a new operating system called BlackBerry 6 with a new browser.
What’s the trade?
I think its evolutionary not revolutionary, says Colin Gillis of BGC. RIM is stuck in a difficult place because they’ve got competition coming at them from all sides.
The new gadget suggests to me that RIM can compete with Apple and the others, says Pete Najarian on the Halftime Report. It’s going to be a big fight but RIM appears to be up to the challenge.
When you look at the technicals it looks to me like Apple is topping out and RIM is just the opposite, muses Steve Cortes. I like long RIM as a contrarian play.
Maybe even look at a long position in AT&T, the carrier of the new device, says Brian Kelly. And AT&T pays a dividend.
In the options markets I’m not seeing that much excitement about this device, reveals JJ Kinahan. I’m cautious.
If you're worried about the device being an iPhone killer don't be, I doubt this will have a dramatic impact on the iPhone, says Tavis McCourt of Morgan Keegan. Apple tends to have a very unique customer base. As for RIM the new device may trigger an upgrade among BlackBerry users so it could drive sales.
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Trader disclosure: On August 3rd, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour owns (AAPL), (F); Finerman owns (AAPL); Finerman owns (BAC); Finerman’s firm owns (BAC); Finerman owns (BP); Finerman’s firm owns (BP); Finerman owns (C); Finerman owns (CVS); Finerman’s firm owns (CVS); Finerman owns (FLS); Finerman’s firm owns (FLS); Finerman’s firm owns (GLW); Finerman owns (JPM); Finerman’s firm owns (JPM); Finerman’s firm owns (KFT); Finerman’s firm owns (PLCE); Finerman’s firm owns (RIMM); Finerman’s firm owns (SKS); Finerman's firm owns (ARM); Finerman's firm owns (LEA); Finerman & Finerman's firm owns (RIMM); Finerman's firm owns (WMT); Finerman's firm owns (DAN); Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); Grasso owns (ASTM), (ABK), (BAC), (BA), (BGP), (C), (CSCO), (DYN), (JPM), (LPX), (MO), (NDAQ), (PFE), (PRST); Kelly owns (BP) puts
For Anthony Scaramucci
Scaramucci and SkyBridge Capital owns (F)
Scaramucci and SkyBridge Capital owns (PFE)
Scaramucci and SkyBridge Capital owns (WMT)
Scaramucci and SkyBridge Capital owns the S&P 500 Index
Scaramucci and SkyBridge Capital owns the U.S. Dollar
For Steve Grasso:
Stuart Frankel & Co and it’s partners own (BAX)
Stuart Frankel & Co and it’s partners own (COG)
Stuart Frankel & Co and it’s partners own (CUBA)
Stuart Frankel & Co and it’s partners own (DHR)
Stuart Frankel & Co and it’s partners own (DYN)
Stuart Frankel & Co and it’s partners own (GERN)
Stuart Frankel & Co and it’s partners own (HSPO)
Stuart Frankel & Co and it’s partners own (MERC)
Stuart Frankel & Co and it’s partners own (NWS.A)
Stuart Frankel & Co and it’s partners own (NYX)
Stuart Frankel & Co and it’s partners own (PDE)
Stuart Frankel & Co and it’s partners own (PFE)
Stuart Frankel & Co and it’s partners own (PRST)
Stuart Frankel & Co and it’s partners own (RDC)
Stuart Frankel & Co and it’s partners own (TBT)
Stuart Frankel & Co and it’s partners own (TLM)
Stuart Frankel & Co and it’s partners own (TRV)
Stuart Frankel & Co and it’s partners own (XRX)
Stuart Frankel & Co and it’s partners own (SDS)
Stuart Frankel & Co and it’s partners are short (QQQQ)
For Brian Kelly
Accounts managed by Kanundrum Capital own (RIMM) call spread
Accounts managed by Kanundrum Capital own (GLD)
Accounts managed by Kanundrum Capital own (GDXI
Accounts managed by Kanundrum Capital own Euros
Accounts managed by Kanundrum Capital own (TLT)
Accounts managed by Kanundrum Capital own (OIH)
Accounts managed by Kanundrum Capital own (PFE)
Accounts managed by Kanundrum Capital own (INTC
Accounts managed by Kanundrum Capital are short the U.S. Dollar
Peter Boockvar
***No Disclosures***
Colin Gillis
***No Disclosures***
Scott Nations
***No Disclosures***
CNBC.com with wires.
