SCHAUMBURG, Ill. ( TheStreet) -- Motorola's ( MOT) shares rose on Wednesday following a news report that the company is in talks to sell its telecom equipment division to Nokia Siemens Networks. The phone maker's stock climbed 23 cents, or 3.19%, to $7.44, reversing the dip in tech stocks that saw the Nasdaq fall 0.15%.
Motorola's stock had already been creeping up in anticipation of Verizon's ( VZ) Droid X launch on Thursday, which is expected to intensify competition in the booming smartphone market. Attention, however, is also focused on the company's long-term strategy. The Wall Street Journal reports that the Motorola unit up for sale makes older-generation equipment for telecommunications networks. Citing a person familiar with the matter, the Journal adds that a deal could be worth $1.1 billion to $1.3 billion. Motorola, which competes with Apple ( AAPL) and HTC, is in the process of splitting into two companies -- one for networking equipment, the other for mobile phones and TV set-top boxes. Both Motorola and Nokia Siemens Networks declined to provide comment on the M&A rumor when contacted by TheStreet on Wednesday. -- Reported by James Rogers in New York Follow James Rogers on Twitter.