palmOne Stock Shakeups on Analyst Notes
palmOne shares dropped today in heavy trading on Wall St due to talk of a possible new smartphone from Nokia to compete head on with the Treo. Stock in Sierra Wireless has also fallen due to speculation the company is in danger of losing a contract with palmOne.
Investors Business Daily is reporting Market Analyst A.G. Edwards issued a note late Monday, saying Nokia may unveil a competitive device to Palmone's Treo 600 smartphone in the coming weeks. The news sent palmOne shares down over 11% to $32.65, on more than double the usual volume.
"Though we have no confirmation from sources, we believe that Nokia is readying a 'Treo-like' smartphone that pairs a keyboard with its Series 60 user interface and a higher resolution screen," said the firm."
Stock in Sierra Wireless fell sharply on related news. The stock was downgraded on speculation from market watchers that Sierra's palmOne business could be at risk since Sierra introduced a competing Microsoft Windows mobile based smartphone. Sierra supplies the wireless modem for the CDMA version of the Treo.
Thanks to Gaurav for the tip
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