Telecom & Wireless
Massive Short Interest Helps Keep Palm Steady After Earnings (PALM)
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Palm, Inc. (NASDAQ: PALM) just posted a loss that of course missed analyst expectations. The loss of -$31.5 million came in at -$0.30 EPS after items and -$0.16 pro-forma on a near-25% drop in revenues to $312.1 million, while First Call estimates were -$0.14 EPS on $315.7 million in revenues.
Its smart phone sales were $275.4 million, led by the new Palm Centro. We did not get guidance. The good news is that things are just falling off the bus much worse than expected. We also alerted out "Stocks Under $10" weekly subscriber letter about that massive short interest that would keep shares propped up as long as the news wasn’t implosion-oriented.
Palm closed up over 3% at $4.72. Shares had been down almost 2% earlier after the earnings report but are now flat in after-hours.
Jon C. Ogg
March 20, 2008
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