Palm shares soar on takeover rumors

Apr 07, 2010
The palm Pre. Palm shares soared Wednesday on Wall Street amid rumors the struggling US mobile device maker may be an acquisition target.

Palm shares soared Wednesday on Wall Street amid rumors the struggling US mobile device maker may be an acquisition target.

Shares in the Sunnyvale, California-based company gained 20 percent to close at 4.62 dollars.

Andrea Kramer of Schaeffer's Investment Research said investors were reacting to "unsubstantiated takeover talk."

Palm has been the subject of acquisition rumors since it posted more disappointing results last month.

After Palm reported a third-quarter net loss of 22 million dollars, nearly doubling its loss of the previous quarter, Palm chairman and chief executive Jon Rubinstein declined to comment on takeover speculation.

"If there's a reasonable proposal the board has to consider it," he said. "But for the three years I've been here our focus has been to build a great company with a great and great products."

Palm came out with some of the first personal digital assistants in the 1990s, but in recent years it has been lagging behind rivals Nokia, Apple and .

Explore further: New iPhones deliver big profits for Apple (Update)

add to favorites email to friend print save as pdf

Related Stories

Palm appoints ex-Apple whiz as CEO

Jun 11, 2009

(AP) -- Jon Rubinstein, a former executive behind Apple Inc.'s iPod, on Wednesday was named chief executive of smartphone maker Palm Inc., replacing Ed Colligan who is stepping down after 16 years with the company.

Palm's phone sales slump and its stock dives

Mar 18, 2010

(AP) -- Palm Inc. reported sales figures Thursday that showed it's having a difficult time getting consumers to pay attention to its phones in a market dominated by iPhones and BlackBerrys. The company's ...

Palm Pre to go on sale June 6

May 19, 2009

Palm Inc., a pioneer in handheld devices but suffering hard times lately, announced Tuesday that its much-anticipated new smartphone, the Palm Pre, would go on sale in the United States on June 6.

Palm Pre goes on sale in US on Saturday

Jun 05, 2009

The Palm Pre, the new smartphone from the US pioneer in handheld devices, goes on sale in the United States on Saturday amid generally glowing reviews and favorable comparisons to Apple's iPhone.

Recommended for you

Facebook sues law firms, claims fraud

9 hours ago

Facebook is suing several law firms that represented a man who claimed he owned half of the social network and was entitled to billions of dollars from the company and its CEO Mark Zuckerberg.

IBM 3Q disappoints as it sheds 'empty calories'

9 hours ago

IBM disappointed investors Monday, reporting weak revenue growth again and a big charge to shed its costly chipmaking division as the tech giant tries to steer its business toward cloud computing and social-mobile ...

MasterCard, Zwipe announce fingerprint-sensor card

Oct 18, 2014

On Friday, MasterCard and Oslo, Norway-based Zwipe announced the launch of a contactless payment card featuring an integrated fingerprint sensor. Say goodbye to PINs. This card, they said, is the world's ...

User comments : 0