Applause for Handspring's Planned Offering

Updated from 2:21 p.m. EST

Handspring (HAND Quote) is saving itself.

The PDA maker was up 37% to $5.46 in Monday morning trading, while competitor Palm (PALM Quote) climbed almost 15% to $3.92 in sympathy, on news that Handspring plans to raise $60 million, however possible, in this market. What matters most, given the warm welcome the announcement got from investors, is what Handspring can sell and at what prices.

Handspring filed a shelf registration stating its intentions to raise up to $60 million, using "secured or unsecured debt securities, preferred stock, common stock and warrants." Handspring plans to offer any combination of the above at any time it deems appropriate. ...