06-07-2006, 09:32 PM
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Palm to be added to the S&P MidCap 400
 Palm Inc. (Nasdaq: PALM) will be added to the S&P MidCap 400 after the close of trading on Thursday. The announcement sent shares of the company up 81 cents, or 4.8 percent, to $17.85 in aftermarket trading, after closing up 71 cents, or 4.4 percent, at $17.04 on the Nasdaq.This is great news for Palm (and Palm investors, including yours truly), because, in the words of Cramer, when a company is added to the S&P MidCap index, it often sees a sustainable, long-term rise in its price. This is because "no one wants to own large-caps anymore." Instead, he said, investors want to pour money into mid-cap companies that will become the next large-caps. Read the full press release. |
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