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Palm shares drop on capital concerns
Down 21% after analyst voices doubts
6 November 2008 9:11 GMT / By Amy-Mae Elliott
US smartphone maker Palm's shares have dropped dramatically on news that the company may be running short on capital.
The fall came after Morgan Keegan analyst Tavis McCourt downgraded the stock and said in a note to clients that the company may need to raise some serious capital to complete its turnaround plan.
Palm is due to launch new handsets and operating system in mid-2009, but the concern is that expenses relating to new releases could drop the company's cash balance to $75 million.
"We are increasingly concerned that Palm has little room for additional missteps prior to its new platform launch next year without needing to raise additional capital", said McCourt, sending the company's shares down 21%.
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