Stock is getting hammered after hours. Quadruple witching day tomorrow, and tons of options in the $30 a share range on NASDAQ, with a few as low as $27.50. Investors are calling this the next PALM. Sad.

Share buy-back props up share price slightly, but when it has fallen so far I would rather see a dividend.

Missing back-to-school promotions really kills them. Add to that expectation of lower margin under 40% in Q2, meaning they will need to drop phone prices in order to keep sales moving forward and clear any remaining inventory.

Keep in mind that there was a huge skew in options with the margin meaning that market makers would need to buy shares near $30 in order to cover options expiring tomorrow. In other words, wait until Monday to get a better idea of where share prices are headed.

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