Palm (PALM) NewsBite - Palm Higher on Upgrade

Monday, August 04, 2008 12:29 PM EDT

Palm (PALM) was upgraded today by analysts at Global Crown Capital and the stock is now at $6.74, up $.13 (1.97%) on volume of 791,009 shares traded. The brokerage firm upgraded the stock to "Overweight" from "Neutral." Over the last 52 weeks the stock has ranged from a low of $4.21 in March to a high of $19.23 in October. Palm stock has been showing support around $6.26 and resistance in the $6.96 range. Technical indicators for the stock are neutral and S&P gives PALM a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on PALM the stock seems like it could be a candidate for a November out-of-the-money bull-put credit spread below the 5 range. [ABR-Seven Summits Strategic Investments NewsBite]

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