Icahn may be back at Motorola (MOT)

Carl Icahn is using the press to indicate that he may take another run at getting Motorola (NYSE: MOT) to dump its CEO and increase its dividend or share buyback. At $19, the company's shares may be up a little, but are still well down from their 52-week high of more than $26.

In an interview with the FT, Icahn said "There is value there, and if that value doesn't manifest itself I, as an activist, would think very seriously about coming back." Icahn has had one unsuccessful proxy fight with Motorola already. He attempted to get on the company's board but was pushed back by management and current board members.

Icahn may have picked the perfect time to push for getting the company to change its ways. Motorola handset sales have been sliding sharply and this caused the company to lose money last quarter. Samsung has passed Motorola as the world's No.2 cellphone maker behind Nokia (NYSE: NOK).Recent third quarter results from Samsung and Sony Ericsson show that their unit sales continue to rise sharply.

All of this improvement in the fortunes of Motorola's competitors mean that it could have another bad quarter. That may cause large investors in the company to finally lose their patience. At that point, Mr. Icahn may be viewed at an excellent board member and agent of some radical change.

Douglas A. McIntyre is a partner at 24/7 Wall St.