Irrelevant PALM Blows Quarter, Furious Investors Bail

Palm stock getting crushed on news that the has-been device maker will fail to ship a new product on time and is having to spend millions fixing its crappy existing products. More bad news for the company: Sales of its hot new Centro product are coming at the expense of its own withering Treo.

The hope that an influx of cash from Elevation Partners and executive talent from Apple will save this sinking ship apparently remains just that: hope. Lehman Brothers slashes price target from $12 to $5.

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