Looks like it may have been a folded up piece of paper. Because you'll notice he takes it out then handles it for a second then is holding a larger sheet of paper.
No, wait. I take it back. It appears he flips something open. Either it could be a piece of paper or maybe even a PDA. I wish someone with and HDTV Tivo had caught it.
Looked to me like it is a notebook cover, or leather cover of a PDA. He clearly folded something OVER what ever it was. Didn't look like unfolding paper to me.