Palm (PALM) was down 23.4% in preopen Island trading. The hand-held computer maker warned after the close Thursday that fiscal fourth-quarter revenue would be just $140 million to $160 million, well under its earlier forecast of $300 million to $315 million. The company cited holdups in deliveries of its latest models.

Palm also said it plans to take a $300 million charge for excess inventory. Several analysts lowered earnings estimates for Palm.

Credit Suisse First Boston

also cut its forecast for rival

Handspring

(HAND)

. Handspring was down 13.3% preopen.