Research In Motion (RIMM) Ltd. surged 18 percent, the most in more than three years, after National Bank Financial said new BlackBerry 10 phone sales should be better than expected.
RIM rose to C$12.06 at the close in Toronto, the biggestgain since April 2009. The gain pared the stock's loss this year to 19 percent. Trading of RIM shares in New York was closed for Thanksgiving today after the stock gained 5.7 percent to $10.26 yesterday.
Nothing like a massive short squeeze when the US market is closed and those who were foolish enough to go home short it Wednesday have nothing they can do to mitigate the damage.
I've been covering this in the videos and Ticks for the last few days; the stock has been trading amazingly well technically over the last week or so and has coughed up some insane short-term trading gains.
This move is so far outside of my expectations that I'm not sure what to make of it; it's coming off a bit this morning pre-market, but that pattern has been one that the last few days has been extremely unsafe to short -- Wednesday it came back into a support level and then ramped like crazy, destroying anyone who was foolish enough to short into the morning weakness.
As a reminder this is a seasonally strong period for stocks and as such you're fighting the tape to begin with expecting things to go to hell between Thanksgiving week and the end of the year. And while many have left this company and its products for dead, I have long maintained that this is not a foregone conclusion. I don't see anything from management that counts as "Break the Glass", which IMHO is the best and most-successful answer when you're a severe underdog (and RIMM, as of now, is) but if they manage to pull this off with simply executing on BB10....