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.
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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