Motorola (MOT) might be broken up. At a Lehman Brothers conference in San Francisco last week, Chief Financial Officer Tom Meredith said: "I will just share with you that I believe that there is every opportunity for us to create significant economic value, therefore drive shareholder value higher, as a whole. Does that mean, however, that other options aren't vital options? No, not all. And as I said, a change in circumstance sometimes requires a change in action. So I will leave it at that."

Breaking up MOT would be a very big deal. The Mobile Devices division that makes cell phones accounted for 51% of sales in the September quarter, and Motorola's last twelve-month sales hit $38.8 billion. So it could certainly be a stand-alone company.

The Home and Networks Mobility Division accounts for 27% of revenues, selling set-top boxes to cable companies (the old General Instrument business) and wireless equipment to telephone companies. It could be a stand-alone company, as well, but this is a hot area and more likely it would be sold to Alcatel or Siemens. I don't think Cisco could get an acquisition of this division past the antitrust regulators.

The third division, Enterprise Mobility Solutions, sells communications equipment to corporations and governments. It accounted for 22% of September-quarter sales, and it is in a similar position as Home and Networks Mobility. It is big enough to stand alone, but more likely would get snapped up.

So there's the plan: Sell Home and Networks, sell Enterprise Mobility, and keep Mobile Devices as the smaller, still-public MOT. The total value of all this would be well worth it.