Palm stock tumbles over Pre supply concerns

Chicago (IL) – It should have been a great weekend for Palm – the Pre smartphone finally became available and reviews confirmed that the device is at least as good as Apple’s iPhone. But Palm did not have enough phones at hand and you just knew what that would mean for the company’s stock.
Palm shares were down almost 9% to $11.89 at the time of this writing. The good news, of course, is that the good news surrounding the Pre had pushed the stock up to areas not known to Palm for quite some time. The 52-week high for Palm was $14.14, reached last week, while the low was $1.14 (March 9).

There is no clear information how many Pres may have been sold last weekend, with estimates ranging from about 50,000 to close to 200,000 units. Sprint store representatives are currently telling customers that a second batch of Pre phones will be arriving on June 10.

Palm’s market capitalization is currently about $1.6 billion.