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TreoBits News->Palm plunges on revenue miss   
Palm plunges on revenue miss


SEP. 7 11:13 A.M. ET Shares of Palm Inc. plunged Thursday morning as analysts en masse reacted to Wednesday's news that slow Treo smartphone sales will cause the company to miss its first-quarter sales outlook by about $30 million.

Palm's stock plummeted $1.35, or 8.7 percent, to $14.18 in morning trading on the Nasdaq, having traded as low as $12.25 and as high as $24.91 in the past year.

"After providing first-quarter guidance $30 million below expectations June 29, Palm ... now expects $30 million shortfall to new guidance," wrote RBC Capital Markets analyst Mike Abramsky in a note to investors.

The analyst downgraded Palm to "Sector Perform" from "Outperform" and dropped the price target to $16 from $23.

[via BusinessWeek]




by alex_mathews, 7th September 2006 - 09:47 AM


 

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