MarketWatch confirms attempted Market Manipulation
Interesting article in MarketWatch. Positive article. "Fresh Blackberry buzz drives RIM shares up"
What was interesting is the part about BMO attempting to manipulate the market with its "underperform" rating. The article says that the rating was intended to "push the shares down". Sounds like an attempt to manipulate the stock price with a bogus rating. BMO should be sanctioned for this behavoir. And fortunately it did not work.
Fresh BlackBerry buzz drives RIM shares up - The Tell - MarketWatch
Another factor adding to the day�s boost may have been some short-covering by investors. BMO Capital Markets downgraded RIM to an underperform rating before the opening bell, with analyst Tim Long saying �we are not expecting the new phones to stem market share losses.�
Mike Walkley, an analyst with competing brokerage Canaccord Genuity, told MarketWatch that some investors who had heavily shorted the stock prior to the downgrade may have scrambled when the ratings change failed to push the shares down.