Palm Stock Up 4% On CFO's Bad Back

from the easily-excited dept

Wed, May 23rd 2007 11:06am — Carlo Longino

Palm's CFO was due to speak at an investment bank conference in Boston Wednesday, but backed out yesterday. Palm's stock jumped 4%, with many observers crediting investors' belief that the cancellation was due to an impending buyout of the company, as has been rumored (with little basis) for some time. Palm, however, went to great lengths to dispel that belief by issuing a statement saying the CFO had thrown his back out, and his doctor told him not to travel. As a WSJ blog points out, the jump in the stock and Palm's statement highlights the M&A frenzy that's gripped the market as a possibly unhealthy level of optimism about deals grips the market. The bottom line, at least for Palm, is that nobody's yet bought it -- making it look even more like the earlier rumors were driven by an ulterior motive.

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Sanguine Dream, 23 May 2007 @ 11:57am

Almighty dollar
I'm glad I'm not in the investment game. All these bloggers and analysts are so concerned with trying to be the one that gets the big scoop that rumors now run rampant. Add that to investors that will shift their stock at the proverbial drop of a hat (OMFG!!! He missed the conference! Sale, Sale, Sale!!!) and you have a train wreck waiting to happen.
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IronChef, 23 May 2007 @ 1:51pm

Can't trust the news
Things like this make me believe that there will something that will ban using blogs as sources for news events. To triple source against blogs is self defeating, especially since the advent of RSS.

The sooner that reputable news outlets pull away from blogs, the more reliable the news will become. I can't trust anything in the news anymore than speculation. In fact, live-person triplesourcing is so valuable to me, I would pay additional for that.
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