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PALM up 6%
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Palm shares yesterday climbed $1.93 (6 percent) yesterday to close at $34.30. The stock is up 7 percent this year. The reason for the jump is that an analyst for Needham & Co. said Treo sales are outpacing estimates.
From an AP article:"In a research note, Needham & Co. analyst Charles Wolf said the growth in Treo demand reflects an upswing in consumers migrating to "feature-rich" smartphones -- which combine a digital organizer and mobile phone -- a market that more than tripled last quarter, according to recently published industry data.
For the quarter ended June 30, Treo sales surged 218 percent to about 430,000 units, Wolf said. That compares with a $214 million backlog for 450,000 Treos at the company's fiscal year-end in May." It's good to see Palm's stock doing well (not that I own any of it). The stock has been gradually rising since March because of periodic news about its smartphone sales.
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