Is Motorola Pressing Palm?

Compounding the matter, big investor Carl Icahn has been adding to his Motorola holdings in hopes of influencing the board to use the company's cash for stock buybacks.

Having no blockbuster phone to replace Razr as the sales stoker, Motorola has turned in three consecutive disappointing quarters, and analysts say a fourth disappointment is in the works.

A Palm deal is a long shot bet for Motorola, says one buy-side analyst. But I think a "justified reason of such a withdrawal from CTIA, is that a preannouncement was forthcoming."

Palm rose 75 cents to $18.89, while Motorola was up 53 cents to $18.82.

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