Palm Jumps As Verizon Picks Up Centro SmartphonePalm Jumps As Verizon Picks Up Centro Smartphone

Shares of Palm rose Thursday after the company said its Centro smartphone will be available on the Verizon Wireless network. The stock jumped nearly 13% to $7.12 on volume of 1.4 million shares.

Starting Friday, Verizon subscribers will be able to get their hands on the smartphone with the added benefit of high-speed mobile Internet access. Unlike the version available on AT&T, Verizon's Centro can utilize the company's EV-DO network for faster e-mail access and Web browsing.

The Centro has a small form factor, but sports a full QWERTY keyboard and a touchscreen. Running off the Palm operating system, the device also features a document editor and viewer, Bluetooth, push e-mail capabilities with support for Microsoft Exchange ActiveSync, Good Mobile Messaging, and Xpress Mail.

The smartphone also has a microSD slot to expand the memory, a 1.3-megapixel camera, and a robust multimedia player.

While it has decent business features, Palm aggressively marketed the smartphone for the casual market, and it has paid off. The Centro is now carried by Sprint, AT&T, and Verizon, and it has seen rapid adoption with first-time smartphone buyers.

Since its debut last fall, Palm said it has shipped 1 million units through the end of March. Additionally, officials said they expect to ship 2 million units by the end of the year.

The device has also been credited with helping Palm gain in market share for the first quarter of this year.

Part of the smartphone's success is due to pricing, as the Centro can normally be found for $99 or less with a new contract and rebates. But it will be facing some stiff competition in the casual market, as Apple's iPhone 3G will soon vie for many of the same users.