|Tue Oct 28, 2008 - 4:47 PM EDT - By Annie Latham|
For a few hours today, Palm's stock teetered along at record lows (hitting $2.70). As the market rallied to close up nearly 900 points, Palm seemed to be pulled along to close at $3.32. So what happened? A tour of the message boards (i.e. Yahoo! Google Finance) didn't turn up much besides a reference to a Samsung Epix review by our sister site, WMExperts.com. After revisiting the news sections of the various finance sites, I saw a connection -- on the top of the PALM news was a story titled, "Sell This Stock. Now." from Fool.com. Really? So I took the time to read the 650 word article and guess what? Palm was merely mentioned in a list of competitors to Garmin:
"Today, there's even more vicious competition, with previously unexpected players like Apple, Google (Nasdaq: GOOG), Research In Motion (Nasdaq: RIMM), and Palm (Nasdaq: PALM)."
And Garmin wasn't the stock that should be sold either. It was an example and a way for the author, Nick Kapur, to communicate the following:
"If you own shares of a company that has no real barriers to hungry competition, and it doesn't have anything in the works for the future, then what do you have? Not that much, really."
If you've been following the posts on this site for the last year, it is clear that Palm does NOT fit that profile. In these turbulent times, it is best to just take time to breathe (and read beyond headlines).
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