Palm wows one crowd for sure: Its investors
While reactions to Palm’s new Pre device are still trickling in, it’s already pretty clear that one group liked what Palm offered up at CES today: Its investors.
Palm’s stock is currently up over 30 percent on the day. While it opened the day at $3.36 a share, it currently stands at $4.30 a share. The stock immediately shot up following the Pre’s unveiling, before dropping back down to the $3.60 a share-range, but with the keynote address now over, the stock is heading north again.
The Pre is Palm’s next generation device slated to be released in the first half of this year to compete with the new powers in smart phones: Apple’s iPhone, Google’s Android phones and BlackBerry.
General reactions to the device (and its new operating system) also seem to be very good early on, though some, like GigaOM’s Om Malik are “totally disappointed” by the Pre.
One thing is for certain: Private equity firm Elevation Partners’ $100 million investment in Palm in late December looks very smart right about now.
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About the Author, MG Siegler
MG Siegler writes about technology trends and new media for VentureBeat, with a focus on mobile topics, social elements and key news stories. Before that, MG wrote about technology on his blog, ParisLemon. Originally from Ohio, MG attended the University of Michigan where he studied film. He's previously lived in Los Angeles where he worked in Hollywood and in San Diego where he did web development. He now lives in San Francisco.