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Mr. Market may have been surprised with Hewlett-Packard's (NYSE: HPQ  ) deal to acquire Palm (Nasdaq: PALM  ) , but I wasn't. I actually singled out HP as one of four potential suitors several weeks ago.

Is HP crazy to be forking over $1.2 billion for a smartphone pioneer that was on the ropes?

I don't think so. I don't necessarily agree with HP's optimistic view of having the resources to take on Apple (Nasdaq: AAPL  ) or BlackBerry maker Research In Motion (Nasdaq: RIMM  ) . However, I think that Palm's webOS now has a second shot at mattering, backed by a company with deep pockets and a true turnaround genius at the helm in Mark Hurd.

In a few years, if we're flipping over webOS tablets and cracking open other webOS gadgetry beyond smartphones, this deal will be a bargain in HP's quest to find a proprietary platform that it can build something great on.

And, hey -- if HP survived the costly Compaq acquisition, it can easily swallow this one down if it doesn't live up to the hype. 

Briefly in the news
And now let's take a quick look at some of the other stories that shaped our week.

  • IMAX (Nasdaq: IMAX  ) posted the strongest quarter in its 43-year history. Revenue more than doubled and last year's quarterly loss turned into a $0.40-a-share profit. Life after Avatar will be a hard act to follow, but new theater installations keep the company scaling in the right direction.
  • Sirius XM Radio (Nasdaq: SIRI  ) was scheduled to meet with Nasdaq OMX Group (Nasdaq: NDAQ  ) Thursday to discuss the satellite radio giant's delisting. It never happened. A funny thing happened on the way to the appeal. Sirius XM's stock closed with a bid above $1 for the 10th consecutive day on Tuesday, pushing it back into compliance.

Until next week, I remain,
Rick Munarriz

IMAX is a Motley Fool Rule Breakers selection. Apple is a Motley Fool Stock Advisor recommendation. Motley Fool Options has recommended writing covered calls on Nasdaq OMX Group, which is a Motley Fool Inside Value pick. Try any of our Foolish newsletter services, free for 30 days.

Longtime Fool contributor Rick Munarriz recommends windshield wiper fluid when trying to look back. He does not own shares in any of the stocks in this story. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.

Read/Post Comments (3) | Recommend This Article (8)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On May 01, 2010, at 9:13 AM, southernbeachguy wrote:

    Another funny thing happened to Sirus..... everyone recognized that it is way undervalue.

    If AIG, FRE, FNM and GM are trading at their levels, Sirus should be trading higher..... Sirus is making money.

    Sirus has the capability of expanding Worldwide, when that happens their Revenue will increase 10 fold. The main thing to consider is Sirus has Reoccurring Revenue. They make a sale and month after month they get money. They are somewhere close to 19 million customers now.

  • Report this Comment On May 02, 2010, at 2:36 AM, paulbverizonnet8 wrote:

    . Well, I am very happy that SIRI is out of the woods now, and trading at around a buck eighteen. But... I still wish that the insiders would start buying it. I would just feel good to see them giving it a stamp of approval. I am now in a hold mode, and don't intend to sell until it hits about fifty bucks a share. I'm guessing five years. What do you guys think?

    Giordano Bruno.

  • Report this Comment On May 02, 2010, at 3:46 AM, Br0oklyn wrote:

    Im With you paul but 50.. maybe 35-45... 5yr period.

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