Beleaguered Palm hit with double-digit selloff amid report of Radio Shack dumping Palm devices

“Palm slipped by more than -10% on Monday as investors considered the company’s prospects without a buyer,” tickerspy.com reports via Yahoo FInance. “A month ago, CEO Jon Rubinstein said, ‘the potential for Palm remains strong,’ in a fiscal third-quarter earnings report that sent shares plummeting, and led Canaccord Adams to nail the stock with a $0 price target.”

MacDailyNews Take: He also said he wanted to retire from Apple in order to build a house on a Mexican beach and drink Margaritas.

“After a couple of weeks, however, investors started to hop back on board in hopes that another firm would scoop up the distressed smartphone maker. Hewlett-Packard, Dell, and Cisco were among firms listed as would-be buyers, but with little more than speculation to build on, long-side traders are getting hurt in today’s session,” tickerspy.com reports.

“According to the Barron’s Tech Trader Daily blog, C.L. King analyst Lawrence Harris wrote that Radio Shack may be phasing out Palm devices,” tickerspy.com reports. “The report also notes negative sentiment from UBS analyst Manyard Um who reiterated a Sell rating and a $4 price target and Morgan Keegain’s Tavis McCord, who downgraded Palm to Underperform today.”

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