Palm's stock soars as Nokia acquisition rumor takes off "Shares of Palm Inc. rebounded early this week on a European rumor that Nokia may buy the company and on rumors that the company's recently announced secondary stock offering would price soon.

Shares of the Sunnyvale mobile device maker (NASDAQ:PALM) rose almost 14 percent on Monday to close at $15.95 a share. Palm rose strongly earlier this year after it introduced its Pre smart phone, hitting $16.80 a share on July 1 after drifting as low as $1.14 in December.

But its shares fell below $14 this month based on reports of sluggish sales of the Pre and a disappointing earnings report on Sept. 17.

The shares closed at $17.07 on Tuesday, up about 7 percent from Monday's close.

The rumor that Nokia might want to buy Palm sent its shares up 13 percent in Frankfurt before the U.S. market opened, despite skepticism from analysts there about such a deal." Via Silicon Valley / San Jose Business Journal .

Labels: nokia, palm, rumors

  ¶ posted by Jimmie Geddes, Editor @ 9/22/2009 07:07:00 PM