S&P outlook on Palm turns sour
The bad news for Palm keeps piling up, especially if you’re concerned about the whole financials thing. As noted by the Wall Street Journal, Standard & Poor’s Ratings Services has reversed their outlook on Palm, flipping from cautiously optimistic to downright negative. S&P’s ratings are a judgment on a corporation’s credit potential, and the occasionally issue outlooks statements on how they think that company may fair in coming months and years.
S&P’s current judgment of Palm is a CCC+ rating, the top tier of the low highly speculative territory. It was back in October that S&P upgraded Palm to a CCC+ rating and issued their positive outlook. But given recent revelations about Palm’s lower than expected sales figures, S&P’s analysts saw fit to retract their positive outlook. The outlook reversal had little effect on Palm’s stock performance for the day - all the damage was dealt earlier in the week.
Thanks to amateurhack for the tip!