Motorola Rises as Rumor Zaps Zander

To observers and shareholders, it appeared that Zander failed to make significant changes to the company or find new designs that would get Motorola through the post-Razr era.

"We believe the board is increasingly critical of Zander's performance, and there is little chance of a turnaround in phones for at least a year," Charter's Snyder says.

Investors see a chance for a pop in the stock if the company pushes Zander out.

"If Zander is out, even if the quarter stinks, I think the stock goes up," says one hedge fund manager who does not own the stock. "That's how angry people are with him right now."