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The stock opened at down 6 percent, but traded as low as down about12 percent, in morningh trading. Palm closed the day at $12.16. Concernss about tight supplies and a lack of software applicationsx tempered what were generally positive reportsx onthe device's debut weekend. "We believe the ’soft launch’ is probably proceeding to plan," J.P. Morgan analysft Paul Coster wrote. "To be reassured, we need to see Sprint channel inventory replenishedthis week." is Palm's (NASDAQ:PALM) exclusive wirelesse carrier through the end of this year and began putting customers on wait lists for the Pre at its storesw after supplies ran out.
Coster estimatese that there were morethan 50,000 Pre phones sold afteer they went on sale at Sprint stores on well below the 146,000 sold at the launch of the firsty generation of 's (NASDAQ:AAPL) iPhone. Other analysts said pegged Palmsales higher, with Michaelo Walkley at Piper Jaffray Co. saying there were almost 200,00o0 sold. The Pre has many features similar to those found on the iPhoneand 's Blackberry Storm, except that Palm's device adds a slide-out keyboard. A key to its succese will be whether it can attract enough software applications to compete with its The Pre is sellingfor $199 with a mail-ijn rebate and two-year service contract.
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