Palm shares soar on takeover rumors

April 7, 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: Palm comeback falling short

Related Stories

Palm appoints ex-Apple whiz as CEO

June 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

March 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 shares plunged in ...

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

June 5, 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

Volumetric 3-D printing builds on need for speed

December 11, 2017

While additive manufacturing (AM), commonly known as 3-D printing, is enabling engineers and scientists to build parts in configurations and designs never before possible, the impact of the technology has been limited by ...

Tech titans ramp up tools to win over children

December 10, 2017

From smartphone messaging tailored for tikes to computers for classrooms, technology titans are weaving their way into childhoods to form lifelong bonds, raising hackles of advocacy groups.

Mapping out a biorobotic future  

December 8, 2017

You might not think a research area as detailed, technically advanced and futuristic as building robots with living materials would need help getting organized, but that's precisely what Vickie Webster-Wood and a team from ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.