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Palm Wafts Down 2.7% on Estimate Cut

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Palm

(PALM)

was down 2.7% in late trading after

Wit SoundView

sliced its price target to $42 from $75, saying channel checks indicate that revenue and gross margins could come in at the low end of the company's estimates.

Rival hand-held computer maker

Handspring

TheStreet Recommends

(HAND)

was down 6.3% after rising slightly in morning trading. Handspring slid despite a boost this afternoon from

Credit Suisse First Boston

, which reiterated its buy rating.

Research In Motion

(RIMM)

, a maker of mobile email devices, was up 5.2%.