Palm shares hit year-plus high after 4Q report NEW YORK (AP) -- Shares of Palm Inc. hit their highest price in more than year on Friday after the maker of smart phones reported results for the latest quarter.

The exuberance among investors puzzled some analysts, who found little in Palm's results to give them a handle on the company's prospects. The company just introduced its first phone with a new operating system that will make or break Palm as it tries to compete with the iPhone and other smart phones.

Palm appeared to be confident when reporting results late Thursday, saying that it could have positive cash flow by the second half of the recently begun fiscal year.

"It appears that Palm could return to profitability several quarters sooner than previously anticipated, a noteworthy development," wrote CL King analyst Lawrence Harris in a note to investors.

Palm shares rose $2.37, or 16.9 percent, to $16.39 in afternoon trading. The stock earlier traded at $16.48, its highest price since October 2007.

Labels: palm, palm webos, pre

  ¶ posted by Jimmie Geddes, Editor @ 6/26/2009 03:04:00 PM