Palm Pummeled But Still Not Cheap

With Palm shares plunging after the intelligent phone builder reported a gruesome fourth-quarter outlook, the value asking if holding the companys batch is still a great bet.I would stay afar from it, says Kevin Hunt, comparison researcher at Hapoalim Securities. With now $600 million in cash, the association will bake the money land in 4 or five quarters, the researcher estimates.emailprintreprintnewslettercommentssharedel.icio.usDigg It!yahooFacebookTwitterRedditrssforbes:http://www.forbes.com/2010/03/19/palm-earnings-smartphones-markets-equities-android-google.html?partner=yahoobuzzBased on the opinion I dont see them removing essential prior to they run out of money, Hunt says.Given that dour forecast, Palm ( PALM - news - people )s options will clearly need a little outmost source of collateral or presumably a sale of the company. Palms management team hinted toward the latter during a discussion call, observant the association is not seeking to sell the operations but would cruise any offer. Despite the struggles, Palm can still precedence the own handling complement for phones as an pick to Google ( GOOG - news - people )s and Microsoft ( MSFT - news - people ) platforms.With no resolution in sight, the companys ultimate formula and opinion for the stream entertain are a difficult tablet for investors to swallow Palm shares plunged 22.5% to $4.38 Friday after the association offering a dour fourth-quarter income foresee of $150 million or less, far next researcher estimates. In the third quarter, Palm reported income of $350 million, but the loss of 61 cents a share was worse than expected."Our new underperformance has been really disappointing," pronounced Jon Rubinstein, Palm authority and arch senior manager officer, observant that potential for Palm stays strong.,,2010/03/19/palm-earnings-smartphones-markets-equities-android-google.html(Full disclosure: Elevation Partners, that has a interest in Palm, is additionally a part-owner of the primogenitor association Forbes Media.)Executives of the Sunnyvale, Calif.-based association censure the gloomy outcome on the miss of consumer recognition for the products. The association is smashed by diseased direct for the Pre and Pixi smartphones compared to that for the Apple iPhone or Research In Motion ( RIMM - news - people )s BlackBerry. (See "Palms Got Promise, But More Problems.")Smart phone sell-through for the third entertain was down 29% sequentially and 15% year-over-year, according to the company. At this point Palm has a bolt of register that saps the revenue. Maynard Um, IT hardware and wireless apparatus analysts at UBS, estimates it will take dual buliding until Palm can bake by an estimated register of 800,000 intelligent phones.
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