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RIM (RIMM) Squeezes Higher Following Post-EPS Fire Sale

December 26, 2012 10:05 AM EST
Research In Motion (Nasdaq: RIMM) is punching higher amid a recent increase in short interest on the company.

According to the latest market data, short interest rose from 104.2 million shares in the middle of November up to 113.7 million at the end of last month. Days to cover just about halved to 1.98.

Shares held short are about 23.5 percent of float.

Though RIM has been on the rise over the last few months, investors heeded a little caution following its quarterly report last Thursday night. Amid other bits of information, RIM emphasized that its fiscal fourth quarter would be challenging due to consumers holding off on handset purchases into the launch of BB10.

Shares are up 5.4 percent today on solid volume. It also appears that RIM is bouncing above the 50-day SMA, currently calculated at $10.16.


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