NEW YORK (AP) — Shares of cellphone maker Motorola Mobility are surging after activist investor Carl Icahn disclosed that he’s pushing the company to make money from its vast patent portfolio.
Its shares were up $3.47, or 15 percent, at $25.88 in the afternoon.
Icahn said he believes there could be several ways to realize the value of Motorola Mobility Holdings Inc.’s patents. He was the single largest shareholder of the Libertyville, Ill.-based company as of March 3.
Motorola responded that it keeps reviewing its options, and that the turnaround of its cellphone sales is in part due to its 17,000 patents.
There’s a general scramble for patents in the technology world, as companies seek to shore up their litigation defenses. Nearly every maker of smartphones is suing another manufacturer over patents.