Palm Stock Jumps 34.85% On Palm Pre NewsS

Despite the stupid Pre name, Palm has jumped up $1.15 to $4.45. Doesn't look like a lot, but that's 34.85%, which is like a 1,548% in the Investors Confidence Index, and 543% in dog years.

Clearly, Wall Street is excited about the Palm Pre. First, it shows that Jon Rubinstein is having some influence in the company's direction. This thing seems designed to give the iPhone some real competition: Small, apparently good user interface, and nice package—although a bit too chunky for my taste. Now, it seems like Rubinstein may be a pretty big factor for the long run viability and potential success of the company.

Then it's the fact that the product itself seems a departure from their previous brain dead line. Sure, it's not innovative or revolutionary, but it puts Palm back in the game. Maybe a little bit too late, but for the competition's sake, we can only hope that they pull a stellar release on time. It seems like the early reaction from the stockmongers goes along these lines, but it's too early to tell.

The only certain thing is that an Apple-Google-Blackberry-Palm battle is going to be even more interesting than the previous menage a trois. [Thanks Mona]