Palm's new phone and operating system ignite shares

By Franklin Paul and Sinead Carew LAS VEGAS (Reuters) - Palm Inc (PALM.O) overhauled its mobile operating system and introduced a new touch-screen phone, sending its shares soaring 35 percent as investors hoped the moves can help win back customers from rivals such as Apple Inc (AAPL.O). The new products, which impressed analysts at the Consumer Electronics Show in Las Vegas on Thursday, were developed under the watch of former Apple executive Jon Rubenstein, who helped create the iPod and who was brought to Palm by its private equity shareholder, Elevation Partners. Palm has staked its future on the Palm Web OS operating system and the new phone, which it has been developing since 2007. The pioneer of touch-screen phones like the Treo had been steadily losing market share to Apple's iPhone, Research in Motion Ltd's (RIM.TO)... [read full story]                    

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