Palm shares jump again on takeover rumors
NEW YORK, March 2 (Reuters) - Shares of Palm Inc. PALM.O rose 8.3 percent on Friday, again fueled by speculation that the maker of the Treo phone may be a takeover target.
The shares climbed $1.37 to $17.86 in morning trade on Nasdaq. Chatter about a possible acquisition of Palm has helped drive the stock up more than 25 percent this year.
"The rumors are alive and well this morning regarding Nokia's (NOK1V.HE) interest in purchasing Palm," said Pete Najarian, co-founder of Web site optionmonster.com. "We are seeing extreme call buying in Palm, mostly the March calls with $17.5 strike prices."
Officials for Palm and Nokia were not immediately available for comment.
Palm's Treo is popular in the business community with users who need mobile access to email and data. Treo competes with Research In Motion's (RIM.TO) Blackberry and other smartphones from companies such as Motorola Inc. MOT.N
(Additional Reporting by Doris Frankel in Chicago)
((Reporting by Franklin Paul, editing by Martin Golan; Reuters Messaging: Franklin.Paul.reuters.com@reuters.net; email Franklin.Paul.reuters.com; Tel: +1 646 223 6180)) Keywords: PALM SHARES
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