CNBC’s Goldman: Beleaguered Palm grasps at relevance ahead of earnings
Wednesday, March 17, 2010 - 04:13 PM EDT"The news Thursday from Palm will be bad," Jim Goldman reports for CNBC. "We know that because the company pre-announced its earnings a few weeks ago. The company's credibility problem from both a marketplace and managerial perspective is serious; and investors who enjoyed a blockbuster run in 2009 seem to be running for the exits in 2010."
And now it seems Wall Street is beginning to pile on," Goldman writes. "Peter Misek, the wireless analyst at Canaccord Adams who nailed Palm's latest problems with a note on February 24, just a day before Palm issued its earnings warning, is at it again with a dire report Tuesday detailing new and troubling issues facing this company. He's cutting estimates again thanks to information he's received that Palm's potential relationship with AT&T is souring. He says the carrier has delayed the launch of the Palm Pre and Palm Pixi from April to mid-Summer, and says a 'long list of technical issues' with the phones is leading AT&T to 'sharply reduce its marketing budget for the launch.'"
Goldman writes, "Trouble with this relationship, following a complete halt in new orders from existing partners like Sprint, Verizon and others, spells big-time problems for this company... Palm is precariously perched on a rickety raft while an angry sea swells beneath it. Those rising waters are floating a lot of boats, but they threaten to sink Palm."
Full article here.
MacDailyNews Take: That's not a sea, Jim. That's a bowl; a porcelain bowl.
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