In his Super Bowl commercial, Bob Dylan had some advice for U.S. consumers: “Let Asia assemble your phone.” No doubt Lenovo Chief Executive Officer Yang Yuanqing couldn’t agree more. He’s hoping Americans will be willing to buy smartphones from Lenovo, which last week unveiled a $2.9 billion deal to leapfrog the Chinese PC company into the top tier of phonemakers by agreeing to purchase Motorola Mobility from Google.
Lenovo investors aren’t yet persuaded. Until last week, the hottest tech stock around wasn’t Apple or Samsung—it was Lenovo itself. The company’s shares had jumped more than 50 percent over six months, far better than the Big Two. Confidence in Lenovo was so strong that its stock price didn’t suffer even after Lenovo announced a plan to pay $2.3 billion in cash and shares for IBM’s low-end server business.