1. Profit taking. The stock has had a hell of a run in 2007 before the recent news. Up another 20% plus in one day? Too much at once. Great company. Not a great stock at 200.
2. Window dressing. Friday was the last day of the quarter and some mutual funds might have been buying in to say they were in the stock at quarter's end.
3. Competition. The iPhone obviously got a ton of publicity and just might lessen the appetite for Blackberries.
4. Downgrades. I think some analysts will downgrade the stock next week simply on valuation concerns. Remember, at the start of May, this was about a $130 stock. Up about 50% in 2 months? Time for a pullback.
Timing is difficult. You can;t trust these MM's when they see tons of shorts. I do not believe the recent quarter. They gave no indication of this blowout during the previous conference call, and gave no guidance during the quarter that things were great. They simply made tons of BB and dumoed them to retailers, and booked a sale. Annouce a 3 for 1, pretend things are good, and sell at the high. Guess who will be left holding the bag? Long term puts are easy money.