Just after hearing about Apple kicking the Palm Pre out of iTunes on Wednesday, it appears the Palm Inc Shares had a significant drop of 3 percent on Thursday. This is not a good thing for Palm as they have just been making their comeback. Analyst Shaw Wu of Kaufman Bros. said that it was “the right thing” for Apple to do to protect their intellectual property.

“The last thing Apple needs is someone having access to its hard-earned technology for free,” he said in a note to clients. “We view this as a modest negative for Palm as syncing with iTunes was a feature that was touted and we think could impact some customers’ decisions.”

Palm’s shares fell down 41 cents to $14.53 in morning trade on Nasdaq, just after hitting a low of $14.22 for this raise. The good news is that Palm’s stock it still up more than four times what is was this year. Will we see a raise in stock as word gets out that the Mojo SDK has been released?