Shorted Research in Motion (RIMM) for the Covestor - Opportunistic Portfolio as its becoming more and more apparent that they are becoming a laggard in the smart phone wars. Or at least that's the perception in the markets. With their failure to break the 200EMA just above $69, took the opportunity to short them and hedge alot of my long exposure.
On a valuation basis, RIMM isn't overly expensive trading at roughly 13x 2011 estimates. Just have to wonder if RIMM will meet those estimates considering the success of the iPhone and Android products.