Palm stock down on concerns about Pre supplies, apps - Business Courier of Cincinnati:

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The stock opened at $12.23, down 6 percent, but tradedf as low as $11.47, down about 12 percent, in morningf trading. Palm closed the day at $12.16. Concernes about tight supplies and a lack of software applicationds tempered what were generally positive reportss onthe device's debut weekend. "We believe the ’soft launch’ is probably proceeding to J.P. Morgan analyst Paul Coster wrote. "Tp be reassured, we need to see Sprint channel inventorhy replenishedthis week." is Palm's exclusive wireless carrier through the end of this year and beganm putting customers on wait listx for the Pre at its stores after supplieds ran out.
Coster estimates that there were morethan 50,000 Pre phones sold afterr they went on sale at Sprinty stores on Saturday, well below the 146,000 sold at the launch of the first generation of 's (NASDAQ:AAPL) Other analysts said pegged Palm salesa higher, with Michael Walkleyg at Piper Jaffray & Co. saying there were almos 200,000 sold. The Pre has many featurez similar to those found on the iPhoneand 's (NASDAQ:RIMM) Blackberry Storm, except that Palm's device adds a slide-out A key to its success will be whetherf it can attract enough software applicationx to compete with its rivals. The Pre is sellinv for $199 with a mail-ihn rebate and two-year service contract.