Palm Juices Secondary (PALM)

Posted in pre-market 
September 23rd, 2009

Palm, Inc. (NASDAQ: PALM) is holding up rather well considering the way it priced its secondary offering of common stock at $16.25.  The sale is through Goldman Sachs and J.P. Morgan, but it was also increased to 20 million shares of common stock from a prior size of 16 million shares. There are still rumors of a deal or partnership with Nokia, and that has kept this stock elevated.  That may be the hope here.  As of 8:09 AM EST we have seen 335,000 shares trade hands down 0.6% at $16.97.  This hit $17.50 yesterday, a new 52-week high.  The other wildcard here is that some 40% of its float was short at the last report date, and average volume is over 13 million shares. JON OGG

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