Palm Boots 3Com from S&P 500

Standard & Poor's said yesterday that Palm Inc. will replace computer networking equipment maker 3Com Corp. in its closely watched S&P 500 Index after the close of trading on July 27. Shares of Palm, which was spun off from 3Com early this year and went public on March 2, closed up yesterday 1-7/8 at 36-3/4 on the Nasdaq stock market.

In a related story, Handspring has released its fiscal fourth-quarter results. They reported losses of $5.9 million for the quarter, though revenues grew by 51%, in its first earnings report as a public company.

Excluding the one-time charges, the company had a loss of $5.87 million, or 13 cents a share.

Revenue for the quarter, however, came to $51.8 million, a 51 percent leap over sales of $34.3 million for the third quarter. For the entire fiscal year, Handspring came away with $101.9 million in revenue and losses of $20.2 million, or $1.77 per share.

Thanks to C|net.