RIM gave the bears more ammunition to punish the stock. It’s trading below tangible book value and there’s no conceivable reason to expect that to change anytime soon. If anything, fears about RIM’s survival are becoming much more real.

I don’t mean to sound too harsh, but it’s obvious that a timely launch of BlackBerry 10 is RIM’s last chance. It’s a pretty GOOD chance, but if they screw it up we’re talking about break up value, take-out pricing and other less-than-ideal scenarios for investors.

via RIM’s Q4: Weak results, outlook and brutally honest CEO commentary | CrackBerry.com.