Smaller iPhone Lines Give Palm Investors Hope; RIM Falls Despite Saying Spectacular Spell Coming

palm stock chart

This summer promises to be an exciting time for the industry with a ton of next-generation smartphones hitting store shelves, but clearly investors don’t know yet where to place their bets. With new devices from Apple (NSDQ: AAPL), Palm (NSDQ: PALM) and Research In Motion, they make up the list of strong candidates.

Today, Palm’s stock was on the rebound, likely bolstered by reports that lines for the new iPhone coming out today are shorter than in previous launches. Apple’s stock hardly reacted at all, while Research In Motion’s stock was still getting hammered after reporting first-quarter results yesterday.

In early afternoon trading, Palm’s stock was trading nearly 10 percent higher, or about $1.30 a share, to $14.37. Over the past few days, the stock traded as low as $12.95 a share, and closed at a low of $13.06. Apple’s stock was not so buoyant, trading up only $1.79, or 1.32 percent to around $137.66. Meanwhile, RIM’s stock was down significantly, falling nearly 5 percent to $72.92 a share. The BlackBerry-maker reported higher revenues and profits yesterday for its first-quarter, but analysts were concerned with the company’s outlook. But Co-CEO Jim Balsillie tried to calm investors’ nerves on the conference call, by saying that he expects a strong second half, and that they have a pretty exciting line-up for the rest of the year. “Things are strong. We are really bringing in a lot of new devices…The line-up for the next 14 to 15 months is spectacular.”

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