Chinese PC maker Lenovo said "there's nothing ongoing" between the company and struggling phone maker Nokia, and quickly stomped on rumors that it would buy the Finnish company out.
Without pulling any punches, Gianfranco Lanci, who runs Lenovo's operations in Europe, Middle East and Africa, said: "This must be a joke," and quickly poured cold water on the speculation.
I'm not sure what's worse: another thought-to-be potential savior for the ailing phone maker, or the fact that Lenovo, a leader in its field, thought such an acquisition -- or Nokia -- was a joke. Zing.
It was never going to happen, let's be honest.
Lenovo, if you hadn't noticed, will likely become the world's top PC maker in this quarter, as its sales continue to soar through the roof at current market leader HP's expense. Dell's, which currently stands in third place, will likely remain there for the coming quarters.
The PC giant grew by 12 percent in the second-quarter, placing it it a hair's breadth away from the top-spot currently occupied by market leader, HP. Both HP and Dell continue to plummet in marketshare rankings. (At this rate, Lenovo could probably post a loss and report a small dip in market share and still grab the crown from HP as it crashes to the ground.)
Meanwhile, Nokia continues to shed jobs and push out lackluster devices and products as it burns through its cash reserves, currently pegging at, by around $700 million per quarter on keeping the company alive (and warm jackets for the cold Helsinki nights.)
Nokia's shares rose by 11 percent by market close on Tuesday, as the company continues to look for a potential mass organ donor to the company's failing body.
Still, on the plus side, its shares rose to the highest point since mid-June, but continues to trade badly after dropping more than 70 percent over the past year.