Palm (PALM) NewsBite - PALM Downgraded By BMO Capital Markets

Posted: Tuesday, October 27, 2009 2:10 PM EDT

Palm (PALM) was downgraded today by analysts at BMO Capital Markets and the stock is now at $13.43, down $0.85 (-5.95%) on volume of 6,082,051 shares traded. The brokerage reduced PALM to Underperform from Market Perform. Over the last 52 weeks the stock has ranged from a low of $1.14 to a high of $18.09. Palm stock has been showing support around $13.68 and resistance in the $15.36 range. Technical indicators for the stock are bearish and S&P gives PALM a negative 1 STARS (out of 5) strong sell ranking. If you are looking for a hedged play on PALM the stock seems like it could be a candidate for a December out-of-the-money bull-put credit spread below the 16 range. [ABR-Seven Summits Strategic Investments NewsBite]

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