Are RIM (RIMM) and AMD (AMD) the Marionettes, While Samsung Pulls the Strings?
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Advanced Micro Devices (NYSE: AMD) ramped higher Wednesday afternoon. Research In Motion (Nasdaq: RIMM) made an unusual move higher early into the session. Both large companies, both making penny-stock runs.
What gives?
Samsung. According to earlier reports, Samsung was taking a good hard look at RIM based on the possibility that Google might shut out licensing its Android OS with the new acquisition of Motorola complete. RIM shares ripped as much as 11.8 percent higher before coming back down to Earth.
News this afternoon also points to Samsung potentially in talks with QUALCOMM (Nasdaq: QCOM) -- of all companies -- for a potential AMD bid. (We're sure that would pass antitrust muster.)
So, whether either rumor is true or not is of little concern to momentum traders, which have been handsomely rewarded as long as they weren't short.
RIM is up just 4.8 percent while AMD is about 9 percent better on the session.
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What gives?
Samsung. According to earlier reports, Samsung was taking a good hard look at RIM based on the possibility that Google might shut out licensing its Android OS with the new acquisition of Motorola complete. RIM shares ripped as much as 11.8 percent higher before coming back down to Earth.
News this afternoon also points to Samsung potentially in talks with QUALCOMM (Nasdaq: QCOM) -- of all companies -- for a potential AMD bid. (We're sure that would pass antitrust muster.)
So, whether either rumor is true or not is of little concern to momentum traders, which have been handsomely rewarded as long as they weren't short.
RIM is up just 4.8 percent while AMD is about 9 percent better on the session.
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*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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