Palm is up 15% today following the company’s first quarterly report since the release of the Palm Pre.  So far Palm has shipped 150,000 Pres – beating analyst expectations, but still nowhere near iPhone territory.

Palm also still posted a loss of $105 million, compared to a loss of $43 million last year.  That’s a big loss for Palm, who was struggling to stay afloat last year, but it’s a smaller loss than expected.

You have to give Palm credit – the company’s stock bottomed at only a dollar late last year…and the Palm deathwatch was on.  But the announcement of the Pre at CES in January totally turned the company around.

At $16, Palm is flying high.  However, this price does seem to be a bit inflated with hype to me.  150,000 Pre shipments is good, and it will ensure that Palm will have financing going forward, but Palm still needs to follow through in subsequent quarters before we call this comeback complete.

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