Bono Pitching Palm's (PALM) Competitor, Research In Motion (RIMM)
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U2's Bono has been receiving some heat from the news media the past few days after he has been seen doing commercials for Palm's (Nasdaq: PALM) rival, Research In Motion (Nasdaq: RIMM).
This is an issue because Bono is one of the co-founders of investment firm Elevation Partners, which has invested $435 million into Palm, and he's now starring in commercials advertising Research in Motion's BlackBerry.
The NY Post tried to reach Bono's manager about why he would advertise a competitor's product, but calls were not immediately returned. The Post reported that Bono's conflicted role could actually drag him into lawsuits by other Palm investors.
Bono's TV spots for BlackBerry are a tie-in that coincided with the release of U2's latest album, "No Line on the Horizon."
Additionally, last night on Mad Money, Cramer told viewers to take profits on Palm and put it in the sell block. He said investors who want a play on smartphones should buy Apple (Nasdaq: AAPL) instead. Cramer said Apple stole the show from the much-hyped Pre when Apple launched the Iphone 3GS just 2 weeks after the Pre launch.
He noted that consumers love the operating system, the iTunes platform and the App store, making it very difficult for Palm to compete in the heated smartphone market. He said Apple's stock is a buy and thinks it could reach $200 in the next few months.
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