Mobile products company Palm ( PALM) reported a fiscal third-quarter loss late Thursday, as the company struggled to retain market share in an increasingly competitive mobile device market. The Sunnyvale, Calif.-based company reported a fiscal third quarter loss of $98 million, or 89 cents per share, compared to a loss of $57 million, or 53 cents per share, in the year-ago period. Excluding one-time items, the company lost $94.7 million, or 86 cents per share. Third-quarter sales fell a whopping 71% to $90.6 million, compared with $312.1 million in the year-ago period. On average, Wall Street analysts expected a loss of 59 cents per share on sales of $105 million. Palm is planning to launch its newest mobile phone, the "Pre," before July of this year. Some analysts expect the device will give Palm a much-needed lift, seeing sales of the device of as much as one million units by year-end. Shares of Palm rose more than 50 cents, or 7%, in morning trading Friday. Shares of Palm are way off their split-adjusted all-time highs of $802 they hit in. March of 2000. The stock has been on quite a run the last three months, going from $1.50 a share to more than $8 this morning. The stock has technical support around the $5 price area. If the shares can continue their recent strength, we see overhead resistance around the $9-$13 levels. We do not currently rate this non-dividend paying stock, but do follow the name closely. Palm does not currently pay a dividend.