Comments on: Palm Shares Rise on Wall Street Rumors
Palm Inc takeover/buyout/merger rumors are being tossed around again on Wall Street this week, which has sent Palm's stock price to a four month high. Shares closed today at $16.45 up $1.06, or about 7 percent according to Reuters. These rumors seem to come up at least once or twice every year, this time Motorola is being pitched as the possible suitor.
"The strength today in Palm shares is being attributed to rumors ... that Motorola could make a bid for them," said William Lefkowitz, options strategist at vFinance Investments, brokerage firm in New York.
Also of note in Palm financial news, a major hedge fund company, Galleon Management, has recently acquired 6.345M shares of Palm stock, which is about a 6.2% stake in the company.