PALM shares are down another $1.44 to $4.20 and have plummeted more than 70 percent in a little over two months. Today’s debacle comes after PALM said it lost 61 cents last quarter, and 19 cents worse than Street expectations. Plus, fourth quarter revenues are likely to amount to about $150 mln, according to management, and far less than the $308.5 mln analysts had expected. One analyst (Kaufman) warns that, faced with dwindinling cash, the company has few options except to either 1) raise capital or 2) sell itself (take under). As one might expect, options action is brisk, with 102K calls and 111K puts traded so far. Implied volatility rallied 20 percent to 136.