If there is a new premium being placed on IP, sparked by the Nortel bidding, then IBM is one seriously undervalued mofo.
They make billions from their IP portfolio. They have a ton. If that portfolio begins to be valued as per the Nortel price, or other bids, then there is BILLIONS of upside to IBM on patents alone.
Today Google bought a bunch of IBM patents. The reports are not clear as to what they bought, but IBM does have a lot of search and mobile related patents Google could have purchased.