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: Verizon 2Q profit rises 93 percent

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

Microsoft CEO sees 'bold' plan as 4Q tops Street

5 hours ago

(AP)—Microsoft Corp. CEO Satya Nadella painted an upbeat vision of the future Tuesday, saying that the next version of Windows will be unified across screens of all sizes and that two money-losing units—Nokia ...

Apple's fiscal 3Q earnings top analyst forecasts

15 hours ago

Apple's growth prospects are looking brighter as anticipation builds for the upcoming release of the next iPhone, a model that is expected to cater to consumers yearning for a bigger screen.

Verizon 2Q profit rises 93 percent

23 hours ago

Verizon reported Tuesday that its second-quarter earnings nearly doubled after it secured full ownership of Verizon Wireless.

User comments : 0