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Following an earnings call that saw more phones selling even as profits nosedived for the company, Palm stock has been shooting up, closed almost 14 percent higher Monday. Various analysts are saying this is due to anticipation that a secondary offering of the stock would be priced today. Since a third of Palm’s stock is held by Elevation (Bono and his investment banker mates), the likelihood of other investment groups snapping up the stock issued in a secondary offering and pushing the price up could be causing the rise

The rise could also be explained by the fact that Jim Cramer at CNBC praised the stock recently and said that market jitters following the earnings call were an over-reaction….but are there OTHER possible reasons for the stock rebound the last few days?

Neil Hume at Financial Times is whispering of another possibility (which is just a report of a rumour of a rumour so take it with the proper amount of salt, that is to say, LOTS). He says that there is talk on the market that Nokia is showing an interest in buying Palm or of stockpiling Palm shares for a hostile takeover. We know that Nokia showed interest in buying the company during Palm’s dark days back in 2007. Could it happen now?

That would be one way for Nokia to gain more traction in the US smartphone market and would cast Palm’s recent rejection of WinMo in a new light. Symbian, Maemo and WebOS…wow, and we think Windows Mobile’s mobile roadmap is chaotic.