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My Profile Postcards to the President Messages from citizens around the world Watch Now You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Environment Health Science Special Coverage Video Pictures You Witness The Great Debate Blogs Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters You Witness News Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Palm shares sink on worries about capital Wed Nov 5, 2008 2:37pm EST Email | Print | Share | Reprints | Single Page [-] Text [+] SAN FRANCISCO (Reuters) - Shares of Palm Inc tumbled on Wednesday after an analyst downgraded the stock and questioned whether the smartphone maker will need to raise additional capital to pull off its turnaround plan. The shares were down 21 percent at $3.16 in afternoon trade on Nasdaq. Morgan Keegan analyst Tavis McCourt said in a note that he expects Palm's cash balance to fall to $75 million next year as it launches its new platform. Its cash balance was $248 million at the end of August. "We are increasingly concerned that Palm has little room for additional missteps prior to its new platform launch next year without needing to raise additional capital," McCourt said, noting that Palm filed a shelf registration on Monday that would allow it to issue debt, stock or other securities to raise funds. "Although needing additional capital (if it comes to that) is not the end of the world for Palm, given its deep-pocketed backers at Elevation Partners, it is impossible to determine ultimately how dilutive such a capital infusion may be to common shareholders," McCourt said. Private equity firm Elevation Partners bought a 25 percent stake in Palm last fall for $325 million. McCourt said Palm, maker of the Centro and Treo smartphones, is on track to release its new hardware and operating system in mid-2009. He expects the launch to ultimately return the Sunnyvale, California-based company to profitability. Shares of Palm are down roughly 50 percent this year. (Reporting by Gabriel Madway; editing by John Wallace) © Thomson Reuters 2008 All rights reserved Share: Del.icio.us Digg Mixx My Web Facebook LinkedIn Next Article: AMD lays off 500 people worldwide Also on Reuters Analysis: Even with mandate, Obama faces health care pain Analysis: Why John McCain lost the White House Analysis: Obama faces daunting wartime transition Editor's Choice Pictures Video Articles Slideshow A selection of our best photos from the past 24 hours. Slideshow Soft power NY cheers John McCain Top News: Obama takes aim at the Greenspan era Politics: Big foreign policy challenges await Obama US: Black Americans celebrate Obama's victory Most Popular on Reuters Articles Video Recommended World leaders' quotes on Obama election win Obama aims for smooth transition | Video Iran warns U.S. military after Obama win | Video Four Senate races still undecided Americans joyous, worried after Obama victory Israel-Hamas violence disrupts Gaza truce | Video California stops gay marriage amid Obama victory Al Franken falls short in Senate bid Democrats expand majorities in Congress | Video ANALYSIS-Obama victory signals shift in US race relations Most Popular Articles RSS Feed Video Obama wins U.S presidency Obama, Biden take the stage Winslet's revealing photo spread Barack Obama Elected President McCain concedes US media projects Obama victory New Yorkers cheer Obama supporters gather in Harlem Obama Wins Ohio Obama poised to win White House Most Popular Videos RSS Feed Reuters Deals The global destination for corporate leaders, deal-makers and innovators Knowledge to Act Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Interactive TV | Labs | Reuters in Second Life | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States 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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