Nokia to Gobble up Palm?

Rumor has it that Nokia, and possibly an unnamed private equity firm, are interested in acquiring Palm Inc., forlorn manufacturer of personal organizers.

Although the company reported worse-than-expected results in the most recent quarter, its expertise with notable devices such as the Treo make it a valuable takeover target.

Shares of Palm (PALM) soared almost 11% on the rumors, despite another down day in the markets.

Nokia shares finished 1.8% lower at the end of day Friday.

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