Palm Stock Stages A Comeback
June 11, 2009 by Tisa Silver
Filed under Finance
Today Palm revealed yet another piece of news to shake things up and investors quickly signaled their approval.
Palm shares soared on buzz that the company will release a new, cheaper smartphone to compete with Apple’s $99 iPhone.
Photo by The Pug Father, courtesy of flickr
Rumor has it that the Palm Pixie will be a “candybar-shaped touchscreen device,” and will sell for $99, just like its rival from Apple.
Palm has shaken things up in the past week, in both their product offerings and leadership.
Yesterday, the company replaced its old CEO with Apple veteran Jon Rubenstein.
Is it me or does Palm appear to be on the Apple warpath? The battle is definitely fun to watch.
Palm’s stock chart tells a very interesting story.
The company went public in 2000. Shares were priced at $38 and opened at $145 per share. They closed the day around $95, but the debut was impressive. Almost eight years later, the stock hit rock bottom,$1.42 per share (December 2008).
Since then the stock has risen 845 percent. I would like to see if the hype Palm has created will translate into a period of sustained growth. Speaking of hype, shares of Palm (Ticker: PALM) posted double-digit gains today, closing 12.43 percent higher
It’s a long road back to the way things were, but Palm could be on its way.
