Ouch! This was a pretty tough week for Palm. Somehow the company managed to survive the relentless slings and arrows to have their stock end the week just over $14. But man o' man did they get pummeled. So here's a quick run-through of some stories that dominated Palm's news cycle.
Morgan Joseph downgraded PALM stock to Sell on Thursday. At the beginning of the year, they went from HOLD to BUY. In April, they moved back to HOLD. And this week, it was "no mas!"
"...given our belief that Pre sales have slowed significantly. Our checks have shown that Pre sales have slowed to approximately 100,000 units in July, from approximately 200,000 in June, and we believe August shipments are tracking lower than July's"
Read more here.
More salt on the wounds... Eric Savitz of Tech Trader Daily piled on with a post that noted this downgrade and pointed to "a similarly bearish note" from Collins Stewart analyst Ashok Kumar.
Source : http://feedproxy.google.com/~r/Precentralnet/~3/jr...