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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared UPDATE 2-Clinton says U.S. deficit now a security issue 25 Feb 2010 Giant iceberg breaks off from Antarctic glacier 9:05am EST Dubai cameras shine light on killers' dark arts | Video 7:38am EST Huge burden lifted off my shoulders: Kim Yuna 3:08am EST Dubai Mall partly evacuated after aquarium leak 25 Feb 2010 Giant iceberg breaks off from Antarctic glacier 9:05am EST UPDATE 2-Clinton says U.S. deficit now a security issue 25 Feb 2010 Buffett letter has big audience as Berkshire bulges 25 Feb 2010 Kim Yuna wins gold; Joannie Rochette wins bronze, hearts 2:54am EST Dubai Mall partly evacuated after aquarium leak 25 Feb 2010 SPECIAL REPORT Inside Apple's fortress of secrets Inside a walled city in South China and amid intense security, employees are provided with dormitories, canteens, recreation facilities, even banks, post offices and bakeries. The goal? Keep Apple's secrets. Full Article Apple's iPad e-book store to use DRM: report Mobile operators unite to fight Apple app store Pixi discounts seen hurting Palm profits Sinead Carew NEW YORK Fri Feb 26, 2010 1:45pm EST Stocks A promoter holds the Palm Pixi at Palm's promotional booth during New York Fashion Week September 15, 2009. Credit: Reuters/Eric Thayer NEW YORK (Reuters) - Sprint Nextel Corp (S.N) started offering a 50 percent discount on Palm Inc's (PALM.O) Pixi phone on the same day the handset maker cut its revenue target, raising profitability concerns. Technology Palm shares fell 4 percent on Friday, following a 19 percent drop on Thursday when the company issued its warning for current-quarter and full-year revenue [ID:nN25246210]. Sprint, Palm's closest U.S. service provider partner, began to sell the Pixi for $49.99 on Thursday. That is not even the lowest price for the Pixi. Wal-Mart (WMT.N) is giving the phone away on its Website to customers who sign a contract with service providers the retailer has agreements with. Sprint's bigger rival, Verizon Wireless, already offers a 20 percent discount on its version of the Pixi just a month after it started selling the device. Verizon also offers a second Pixi free to families who sign up for two contracts. It is unusual for mobile operators to discount phones so soon after launch. "Inevitably this will hurt Palm's profits," said CL King analyst Lawrence Harris. "If it's not in the February quarter, it'll be in May." Pixi, Palm's second phone based on its webOS software, first went on sale at Sprint November 15. It also sells Pre, whose sales disappointed after an enthusiastic industry response when it was first unveiled in January 2009. BMO Capital Markets analyst Tim Long questioned Palm's prospects in the coming months as carriers already appear to be having trouble getting rid of Palm inventory. "We think Palm now has sizable channel inventory issues at Sprint and Verizon, which will make for an even tougher fiscal fourth quarter as their lineup ages," said Long said in a research note. The fiscal fourth quarter starts in March. Palm partly blamed poor marketing of its phones at Verizon Wireless, a venture of Verizon Communications Inc (VZ.N) and Vodafone Group Plc (VOD.L), for its lowered outlook. "Dave Whalen and I just returned from a very successful meeting with Verizon Wireless, where they acknowledged that their execution of our launch was below expectations and recommitted to working with us to improve sales," said Chief Executive Jon Rubinstein in a memo to employees. Whalen is Palm's senior vice president for global sales. He also said that 200 "Palm Brand Ambassadors," including Palm employees are now working on training Verizon sales representatives and that these efforts were beginning to show an improvement in sales week over week. Analysts say that this might not be enough. They said Palm needs to offer new phones with bigger screens and keyboards than the Pre and Pixi. Multiple sell-side analysts downgraded their estimates for Palm after the warning. Canaccord Adams analyst Peter Misek bet that the shares could fall even further as he cut his price target for the shares to $4 from $8.50. UBS analyst Maynard Um also cut his price target for the stock to $4.50 from $10 and downgraded the shares to a sell rating from Neutral Palm shares were down 26 cents at $6.27 on Nasdaq. The stock had already lost half its value since mid January on investor impatience for a new device. (Reporting by Sinead Carew; editing by Gunna Dickson) Technology Add a Comment More from Reuters NY governor withdraws from election bid NEW YORK (Reuters) - New York Governor David Paterson withdrew on Friday from the state governor's race, battered by questions of impropriety for his role in an assault case involving one of his top aides. Heavy winter storms wreak havoc in Northeast | Video Magnitude 7.3 quake hits off Japan: USGS AIG posts $8.9 billion loss on loan repay, reserves Democrats struggle to advance jobs bill Greek PM to meet Merkel amid signs of moves on crisis » More Top News Following the smart money High-level financial executives used to call Wall Street home. Then Washington called. Full Article Bank crisis CEOs return Financial headcounts stabilize in 2009 Economy Vancouver 2010: Queen Yuna's golden skate Kim Yuna obliterates the opposition and dissolves into tears, while a grieving Joannie Rochette melts millions of hearts with a display of courage. Full Article Panicked Canadians get giddy for gold Women's hockey must improve: Rogge What can Vancouver teach London? 2010 Winter Olympics © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts.com Buyouts Europe: Buyouts Conferences: Venture Capital Journal EVCJ International Financing Review International Securitisation Report Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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