Blackberry (BBRY) announced a few days ago that it would lay off 40% of its employees (4,500 workers). Today, the company said it would report a little over half the quarterly revenue expected ($1.6 billion vs 3.04 billion expected) due largely to a write down on unsold smartphones.
The stock fell apart at the end of the day. It bounced a bit, but the stock is unlikely to hold today’s closing level come Monday absent some kind of M&A news over the weekend.
Simple traders were out of this stock weeks (if not months) ago based on the price action.