Goldman Pukes RIMM, Downgrades From Conviction Buy To Neutral, Slashes PT From $96 to $73

Tyler Durden's picture

Also, more "investment banking" services to be offered to RIMM in the next 3 months. Expect a reupgrade to a Conviction Buy about 5 minutes after the next follow-on offering. Worked miracles for Palm.

From disclosures:

  • Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: Research In Motion Ltd. (C$90.16)
  • Goldman Sachs has received compensation for non-investment banking services during the past 12 months: Research In Motion Ltd. (C$90.16)
  • Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Research In Motion Ltd. (C$90.16)
  • Goldman Sachs had a non-securities services client relationship during the past 12 months with: Research In Motion Ltd. (C$90.16)
  • Goldman Sachs makes a market in the securities or derivatives thereof: Research In Motion Ltd. (C$90.16)



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JohnKing's picture

I'm sure Jimmy Boy Cramer ran the cover for GS to get out before the grannies.

Anonymous's picture

Yeh but I thought that this is an open secret by now. All u have to do is google Cramer's name and you will have a lot. What bugs me more is that Dick Bove is still qouted by MSM.

D.O.D.'s picture

Amazing...goldman isn't a whore, it's a stock fluffer, for financial porn...

madmax's picture

Mr. Market is going limp.  FED Viagra wearing off.  GS hands must be tired.  Mr. Market will give it to them up the ass if they don't do something fast.

Michael's picture

Why don't we ever get to see in the main stream media, President Obama sitting behind his Desk in the Oval Office at the Whitehouse?

I posted this comment last night and got some pretty good replies. Let me now give you my take on the question.

President Obama has a preconceived notion of how the world should be. He sees himself sitting at the round table of the world governing body. He has no qualms about who that governing body is, that he is now a member of. Showing Obama in the Oval Office sitting at his desk implies he is the leader of this country and should be there to up hold his oath of office. That is of no concern to Obama. The psychological impact of seeing the President at his desk is an anathema of the world ruling elite and BO, who wish to establish a one world government.

JohnKing's picture

Yeah, running a country is below the lord Obama, it's the world or nothing.

Anonymous's picture

Only in his reality he's a joke on wheels. History will judge this man as a punchline.

Anonymous's picture

We're talking GS here and you guys still post a comment to blame Obama. We have hundreds of thousand more who had a hand in the downfall of the financial system but somehow all your focus is on Obama.

This is why nothing will get fixed.

aldousd's picture

Since I don't work in finance, everyone here at work thinks I'm nuts for laughing out loud at the one liner summary on the home page for this one. 

Hondo's picture

These guys are I've said before, if you invest in anything based on a BAC or GS recommendation you deserve to lose your money.....although I'd love for someone to sue these assholes.

aswipe's picture

The peeps may take matters into their owns hands before the lawyers get to them.

Whizbang's picture

I don't know if anyone else has noticed this, but since flash trading was banned, we have had three down days in a row. This hasn't happened since march. (I think)

Assetman's picture

Flash trading isn't really banned until the end of the comment period at the SEC.

Anonymous's picture

wow, all those multi-million dollar bonuses and this is the best they can do? 24 hours after the market reacts to news that reached retail traders, GS just follows up to confirm the reaction?

my friend at GS is right...he claims their investment research group is full of douchebags...he basically claims that the hft group and underwriting group basically carries the whole company on its back. if not for those two teams, they would have been lehman'ed by now

Anonymous's picture

"Why don't we ever get to see in the main stream media, President Obama sitting behind his Desk in the Oval Office at the Whitehouse?"

Goldman doesn't want him to get the notion he's in charge of anything?

Anonymous's picture

I love how the report reports RIMM's price as $83, and then claims it's up 14.9% since being placed on the conviction buy list (versus +19.7% S&P).

Anonymous's picture

Soon, like government officials and whinning children, firms like Goldman et. al. will increasingly become obsolete. Yes, they'll continue their antics with nonsensical reversals of upgrades and downgrades (mostly to justify their existance), however, do they really matter anymore? NO.

Anonymous's picture

I believe trading volume to the downside was huge yesterday. Of course somebody must have gotten a whiff of their earning. I think TD will be able to reach into his magical box and produce the evidence for our friends at the SEC?

deadhead's picture understanding is you are wrestling big time with a major pr problem and this is occupying quite a bit of your time and energy.  As you try to sort through this, I imagine you have already figured out that the odds of this Goldman problem "just going away" or disappearing after the next "news cycle" is becoming more remote, yet hope springs eternal on your part and I understand this.

One of the primary problems you have is the fact that Obama's very strong and loyal base absolutely loves the guy still, but they absolutely and positively detest the bank/wall st crew and clearly you understand that Goldman is the epitome in their minds (as well as in the minds of those of us who know the inner gizzards of cheat street).  The Obama admin is likely going to have to make a choice between you and the base and we're getting real close to those midterms.  Maybe you'll get lucky on the timing.

One thing you won't get lucky on is any abatement on behalf of the fight club at zerohedge and their counterparties throughout the financial blogospere.  Therein lies your real problem and it won't go away while you continue the patented goldman approach.

please know that the puppy dog has a hold of your pant cuffs and it just ain't gonna let go.  ball's in your court and you continue to do a lousy job dribbling.

Anonymous's picture

I've never understood these silly tech stocks that pay no dividend which get pumped by guys like Cramer.

What exactly is the allure of owning this thing?

Miles Kendig's picture

This clearly demonstrates the nature of current operating conditions & business necessity of combining rights offerings, debt issuance & M&A with the squid or the board might as well pact it in.  Life as THE GSE hedge fund has never been better for GS and its permanent enterprise partners.

wstrub's picture

They are probably short and have been asked to return the stock............

etrader's picture

The "tsumami" may of moved from RIMM   into Gold coins for Jimbo....

Hmm if I was a gold bug I'd be worried about that!

payitdown's picture
payitdown (not verified) Sep 25, 2009 3:53 PM

It's my comical entertainment for the day... while I drive to work... I like to see how they are going to spin 'straw' into 'gold' each day... I missed their spin this morning on the Durable Goods Report... but I bet they managed to make 'gold' out of it also.

Goldman and Bank of Amerika run the markets along with Geithner, and beagle boy Ben. There is no free markets, only welfare capitalism and socialism for capitalism.

good articles; good articles 4 slow news day ..http://www..
hat tip: financial news & opinion updated daily

MinnesotaNice's picture

I HOPE NO ONE ON THIS WEBSITE EVER CLICKS ON THAT RIDICULOUS LINK THAT YOU INCLUDE... and to not even be able to come up with your own comment... and instead steal my comment from earlier today... troll!

Missing_Link's picture

That's quite a RIMM-job.