Shares of Nokia Corporation (ADR)(NYSE:NOK) faded over 5% on Tuesday to $3.09 after surging over 5.50% in yesterday’s session. In fact, the stock had gained over 50% in the past one month as of yesterday closing.
Yesterday, the landmark patent ruling of Apple Inc. against Samsung Electronics Co. which spanned across four continents has triggered up the share prices of Nokia Corp. The probability of the company to grab this opportunity has made the movement in the share prices of the company.
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The shares of the Nokia Corp. have witnessed a rise of 7% on the session. U.S.-listed shares rose an equal amount. With news spreading like fire of the victory of Apple Inc. against its South Korean rival for infringing on the features of the iPhone handset and the iPad tablet, shares of Samsung Electronics Co. have suffered a 7.5% drop in Asian trading on Monday, wiping more than $12 billion off its market capitalization. On the other side, the shares of Apple Inc. move up by 2.1% in early Wall Street trading.
Samsung shares slump after Apple patent ruling, giving an edge to Nokia who has the potential to change the competitive landscape though for short to medium term. “Nokia has been struggling to get their smartphone foothold as Apple and Samsung dominate the market with HTC Corp. TW: 2498 -1.90% as a runner-up,” said Peter Bo Kiaer, strategy and equity analyst at Saxo Bank, in emailed responses to questions.