| Tech Stock News and Analysis |
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| Tuesday, November 28, 2006 |
Shares of Palm (NASDAQ PALM) were slapped hard on Tuesday, sliding 8% after the handheld-device maker slashed its fiscal second-quarter guidance.
For the period ending Dec. 1, the company now sees adjusted earnings of 15 cents to 16 cents a share, with revenue of $390 million to $395 million. Previously, the company predicted adjusted earnings of 20 cents to 23 cents a share and revenue of $430 million to $450 million. Analysts polled by Thomson First Call project adjusted earnings of 22 cents a share and revenue of $442.6 million.
Palm said that second-quarter results were hurt by a delay in completing the certification process for its Treo 750 smartphone product, which was expected to ship during the quarter. The company now expects to ship the new Treo during its third quarter. Shares were down $1.24 to $14.13 in trading on the NASDAQ. |
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