Palm Shares Close Higher on Nokia Rumors

Palm Inc. (PALM) shares closed up 8.3 percent on Friday as rumors flew that the device maker, which has watched its fortunes decline, could be an M&A target.

Specifically, speculation has it that cell phone giant Nokia Corp. (NOK) wants to buy Palm.

Palm’s stock closed at $12.40 on Friday; Nokia’s ended at $13.65, a 1.41 percent increase.

Of course, another reason why Palm’s shares jumped could be the Sunday launch of its Pixi handset. Some bloggers nearly fell over themselves laughing about the idea of Nokia buying Palm, so the Pixi introduction made the most sense to them. They derided the notion of Nokia adding another operating system to the Symbian/Maemo/Qt lineup.

But there is an advantage to Palm’s webOS – it’s already developed, whereas Maemo is still in development, and it promises to be a strong challenger to the iPhone’s operation system.

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