Eight days before the NASDAQ peaked in March, 2000, Palm (PALM) was spun off from 3com. That day, on a split-adjusted basis, the stock (briefly) hit $803.
(No, I didn’t cover the stock in my former life as a Dotcom Bubble Analyst, so don’t blame this one on me. Yes, if I had covered it, I probably would have rated it Outperform or something.)
Continuing a wave of enthusiasm for companies involved in the Internet and wireless communications, investors snapped up shares yesterday of Palm Inc., the maker of the popular Palm Pilot hand-held devices.
The shares traded as high as $165, more than four times the offering price of $38, before retreating to slightly more than $95.
At that price, the market is valuing Palm at $53.3 billion, far more than the value of its parent, the 3Com Corporation, which still owns most of Palm. Palm’s market value is higher than that of many far larger companies, including General Motors, Chevron and McDonald’s.
Photo: Yahoo Finance
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