Palm stock down on concerns about Pre supplies, apps - Philadelphia Business Journal:

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The stock opened at $12.23, down 6 percent, but traded as low as down about12 percent, in morning trading. Palm closed the day at Concerns about tight supplies and a lack of softwarw applications tempered what were generally positivs reports onthe device's debut weekend. "We believd the ’soft launch’ is probabl proceeding to plan," J.P. Morgan analystf Paul Coster wrote. "Tl be reassured, we need to see Sprint channe l inventory replenishedthis week." is Palm'sw (NASDAQ:PALM) exclusive wireless carrier througn the end of this year and began putting customersw on wait lists for the Pre at its storess after supplies ran out.
Coster estimates that there were morethan 50,0009 Pre phones sold after they went on sale at Spriny stores on Saturday, well below the 146,000 sold at the launch of the firsr generation of 's (NASDAQ:AAPL) Other analysts said pegged Palm salesd higher, with Michael Walkley at Piper Jaffrayt & Co. saying there were almost 200,00o0 sold. The Pre has many features similart to those found on the iPhondand 's (NASDAQ:RIMM) Blackberrty Storm, except that Palm's device adds a slide-oug keyboard. A key to its success will be whether it can attractf enough software applications to compets withits rivals.
The Pre is sellin g for $199 with a mail-ijn rebate and two-year service contract.