PALM had a strong day on Thursday, trading up over 5% to close at $17.95 after the company announced that they would be added to the S + P 400 at the close on Thursday afternoon, replacing ANT, which was acquired by GD. PALM gapped up to $17.65 on the news and continued to pick up strength throughout the day as fund managers purchased shares of the company so that they could continue to mirror the S + P 400. Volume was extremely high, with over 22 million shares of the stock changing hands, compared to a normal daily average of just over 4.1 million shares. As of Thursday’s close, PALM had a market cap of $1.85 billion dollars.
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