Palm Stock Up 4% On CFO's Bad Back
from the easily-excited dept
Palm’s CFO was due to speak at an investment bank conference in Boston Wednesday, but backed out yesterday. Palm’s stock jumped 4%, with many observers crediting investors’ belief that the cancellation was due to an impending buyout of the company, as has been rumored (with little basis) for some time. Palm, however, went to great lengths to dispel that belief by issuing a statement saying the CFO had thrown his back out, and his doctor told him not to travel. As a WSJ blog points out, the jump in the stock and Palm’s statement highlights the M&A frenzy that’s gripped the market as a possibly unhealthy level of optimism about deals grips the market. The bottom line, at least for Palm, is that nobody’s yet bought it — making it look even more like the earlier rumors were driven by an ulterior motive.