Amidst the general economic downturn, it seems like Palm's announcement of its new Smartphone, the Pre, at CES yesterday was very popular with Wall Street investors as Palm's share price jumped a massive 34.85 percent.

The news couldn't be better for Palm as the company has been struggling lately and its share prices hit rock bottom a couple of months ago. However, with yesterday's announcement it now seems like the company has managed to win back the confidence of investors and we can only hope that for Palm's sake, the Pre delivers on its promise.

Palm's share price still has some way to go before it even gets back to its highest point of last year and a lot more is needed to bring its share price back in line to where it used to be a couple of years ago, but with a few more innovative products like the Pre, nothing is impossible.

You can check out Palm's share price here