SCHAUMBURG, Ill. (
shares rose on Wednesday following a news report
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
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
adds that a deal could be worth $1.1 billion to $1.3 billion.
Motorola, which competes with
, 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
-- Reported by James Rogers in New York
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