Shares of Nokia Corporation (ADR)(NYSE:NOK) are up over 5% in the pre-market session after sluping 16% to $2.38 in the previous trading session after the company disclosed its much awaited flagship phone Lumia 920 in New York.
Nokia showed off its new flagship phone Lumia 920 in New York on Wednesday. It runs on Windows Phone 8 and is a significant step for the Finnish company. Its special features are its camera lenses with shift so as to give sharper pictures in low light situations and also smoother video pictures. This makes up for shaking hands. Wireless charge is another significant attribute. The user can charge the phone just by placing it on a wireless charging pad. Although there have been other phones that offer wireless charging, Nokia follows the Qi standard which allows the phones to be charged by third party devices.
The company also introduced another cheaper phone in the medium range, the Lumia 820. While this does not boast of special camera lenses, it allows users to change phone colors.
How Should Investors Trade NOK Now, Find Out Here
The American market has been a trendsetter for mobile phones, but Nokia has not been able to make a mark there in the last few years. Shoppers have been hooked onto iPhones and Android-based devices and the phone maker has not been able to do much. Under CEO Stephen Elop’s leadership, the company ditched the Symbian operating platform and entered into an alliance with Microsoft. The result was the introduction of the Lumia brand late last year. However, these phones did not turn out to be as popular as expected.
Last year’s smartphones used Windows Phone 7, while the new phones run on Windows Phone 8. But investors are not impressed and it showed in yesterday’s stock price movement. Shares of the company slid sharply as the market had expected much more in terms of features. Soon after Nokia’s official announcement, the stock tanked 16 percent and closed at $2.38, a price which the company’s shares have not seen since the late 1990s. Shares of the Redmond, Washington based Microsoft however did not react and stayed put at $30.39.