Filed under: Major movement, Forecasts, Bad news, Palm Inc (PALM), Options, Technical Analysis

Palm, Inc. (NASDAQ: PALM) stock is falling this morning after the company announced yesterday that it is expecting a net loss of 22 cents to 24 cents per share for the current quarter on sales of about $345 million to $350 million. The company had forecast sales of about $375 million. Analysts were looking for a 4 cent per share profit. PALM cited product delays for the slump in sales. If you think this stock won’t be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on PALM.

After hitting a one-year high of $19.50 in March, the stock hit a one-year low of $6.29 on Wednesday, but today it is even lower. This morning, PALM opened at $5.42. So far today the stock has hit a low of $5.33 and a high of $5.70. As of 10:55, PALM is trading at $5.50, down $1.09 (-16.4%). The chart for PALM looks bearish and steady, while S&P gives the stock a neutral 3 STARS (out of 5) hold rating.

Continue reading Palm dives on outlook cut

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This entry was posted on Friday, December 7th, 2007 at 4:22 pm and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.