Palm Inc. To Open Up Application Platform, (PALM, AAPL, GOOG)

Elevation Partners LP, Palm Inc.’s (NASDAQ: PALM) biggest shareholder, plans to hold its stake, saying the maker of the Pre can challenge Apple Inc. (NASDAQ: AAPL) and Google Inc. (NASDAQ: GOOG) in the smartphone market.

According to Bloomberg, Elevation Partners believe Palm can thrive by enlisting more carriers worldwide and adding phone applications, as Apple and Google step up competition. Chief Executive Officer Jon Rubinstein said that Palm will open up its application platform at CES, allowing third-party developers to build programs.