Weekly Shorts Review: Garmin, TomTom, Nintendo, Palm 2 comments
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The technology sector is seeing some major upheavals. Google (GOOG) has teamed up with Motorola (MOT) to create the Droid-Android phone – there is speculation that it could dislodge Nokia (NOK) from the top spot. Google also announced free GPS software - which the market took as a major negative for Garmin (GRMN) and TomTom (TMOAF.PK). Both share prices dropped sharply last week and their short bases have been rising steadily.
Nintendo (NTDOY.PK) reported disappointing sales for the Wii, which hit the share price; Sony (SNE) also reported earnings but the market took them well. There is some speculation that [Microsoft's (MSFT)] XboX and PS3 might be making a comeback.
Palm's (PALM) new phone has so far failed to reduce the large short position in the stock, despite media discussion of a possible bid by Nokia.
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This article has 2 comments:
No one is.
It's WELL past time to put this silliness to rest.
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A few years ago when Palm actually had some pretty good-selling devices, like the Centro and Treos (planned or out), Palm's BoD decided the BEST future for Palm was to sell the company.
And they could not even though they had hundreds of millions in cash, no debt, and said devices. [this is all revealed in Palm's SEC documentation about the original Elevation Partners transaction]
NOW Palm is heavily in debt, has massively more shares outstanding, has Preferred Shares that have priority over common, and have a weak product that apparently didn't even live up to expectations.
And the stock price suggests billions upon billions of dollars to buy it out.
Why does ANYONE reasonably think any company would NOW be insane enough to buy Palm anywhere near the current price if they weren't insane enough to buy it really cheaper a couple years ago?
I have shorted this stock and taken profits, no body lost money taking profits !! I currently do not have a position, I am waiting for a "media rise" and I am back in short.