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For all the chatter on Monday morning about Motorola Mobility Holdings Inc. MMI-N falling prey to Google Inc. , there isn't a whole lot of action at Research In Motion Ltd.

Oh, the shares are up, alright: They gained 2.6 per cent in late-morning trading on Monday, hours after investors learned that Google had thrown down $12.5-billion (U.S.) on Motorola, sending Motorola shares up more than 56 per cent. But that doesn't exactly look like speculative fervour over the prospect that Microsoft Corp. might go shopping for a hardware acquisition of its own.

Let's put RIM's Monday gains into perspective: The shares hit a multi-year low on August 8, and despite the recent rebound they are still down 10 per cent since the start of July. Worse, the year-to-date slide is still 57 per cent. In other words, Monday's gains look like a blip.

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Nokia Corp. , on the other hand, seems to be getting more traction in the wake of the Google-Motorola deal, with the shares up 11 per cent on Monday.

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