RIM shoots for the moon, steals some of iPhone's thunder

What a day it is shaping up to be for investors in Research In Motion Ltd. (NASDAQ: RIMM) today. The stock is currently sky rocketing in premarket trading, climbing $33.00 or 20.0% following last night's earnings release.

The company reported its fiscal first quarter earnings results last night, and investors were delighted to see the company post a 73% increase in earnings for the quarter. The company had been expected to show earnings of $1.06 per share, but due to high sales of its wireless e-mail devices, the company beat estimates and was actually able to earn $1.17 per share.

In addition to the outstanding quarterly earnings numbers, the company also announced it would be doing a 3:1 stock split on August 20. The strong quarter combined with the upcoming stock split has the bulls in a fury, and today could be a great day for anyone holding shares in the company.

Today has been on the minds of most people on Wall Street -- actually on the minds of pretty much anyone who hasn't been hibernating in a cave -- due to the launch of the iPhone from Apple Inc. (NASDAQ: AAPL) that many have thought would create some stiff competition for RIM. Talk about stealing someone's thunder! RIM has done just that this morning.

This afternoon, when anxious buyers are finally able to take their "world changing" iPhones home and play around with them, Apple will be the hottest thing on the block. But this morning ... RIMM is the king of the playground!

Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer. DISCLOSURE: Mr. Fowlkes owns and/or controls diversified portfolios of long and short stock and option positions that include holdings in RIMM.