FORTUNE — We may never know for certain whether Google (GOOG) spent $12.5 billion on Motorola Mobility last May primarily because Sergey Brin and Larry Page wanted to get into the cellphone and set-top box manufacturing business or if they thought Motorola’s 17,000 patents would give them some IP armor to fend off Apple’s (AAPL) “thermonuclear” assault on the Android operating system.
The Wall Street Journal‘s Spencer Ante summarized it neatly on the paper’s live blog:
Trading in Google was halted shortly after 1 p.m. at the request of the company after its shares had fallen $83 (11%). They recovered a bit when trading resumed at 3:20. The stock closed at $695.42, down $60.07 (7.95%) for the day, shaving $19.6 billion off the company’s market cap.