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Local Tech Wire

NEW YORK — The rumor of Palm (NASDAQ: PALM) being sold got another leg to prop it up Monday when Bloomberg reported that the maker of hand-held devices has hired Goldman Sachs and Qatalyst Partners to help it sell itself to someone.

The stories on Wall Street have Lenovo and Taiwan’s HTC Corp. as the suitors. There has been little solid information other than Palm’s price rising 77 cents on Friday and going up another 96 cents by mid-afternoon Monday to reach $6.12 per share.

Bay Biz Buzz, a blog of the Oakland Tribune, carried the same information Monday, citing "three people familiar with the situation." Palm is based in Sunnyvale, Calif.

The Palm speculation on Friday came on the same day that a Chinese wire service reported Lenovo was moving to buy Positivo, the top PC maker in Brazil. Lenovo recently moved back in to the mobile phone business, reacquiring a spun-off subsidiary in China.

There has been no confirmation of that deal.

Analysts have said Palm needs someone because it is burning cash that it can’t make up through sales. It’s software, which drives the Pre smartphone, is considered to be on  a par with other major phone platforms, however.