Nokia Corporation (ADR)(NYSE:NOK) shares gapped up this morning and continued with its highly volatility amid ongoing several developments.
This morning, Nokia Siemens Networks CEO Rajeev Suri assured that the company is in negotiations with various suitors about selling its business support systems unit, while it's also looking to sell its telecom applications business. The divestitures are part of a clear-out of NSN's non-core and low or non-profitable operations. Suri also says the firm's overhaul is 6 months ahead of schedule.
Shares of NOK ended above 50-Day Moving Average of $2.58 in yesterday’s session and today’s move up of 5% to $2.76, signaling bullish come back.
Has NOK Found The Bottom and Ready To Move Higher Now? Find Out Here
Last week, the stock lost momentum and retreated $1 or 30% in couple of trading sessions after the company unveiled its brand new two Lumias - Lumia 920 and Lumia 820 - running on Windows Phone 8 operating system to encounter the ongoing solid competition in the smartphone industry.
Although, the company added several notable features, but investors reacted negatively as the phones are not expected to be on store shelves until November which gives the company very little time to notch up sales in the financial year. Analysts complained that a limited fourth quarter launch would be a big disappointment for consensus earnings' estimates for the company.
Moreover, according to GMA News, investors said it lacked "wow" and gave it a quick thumbs-down. Some analysts said Nokia's reticence about dates, prices or carrier partners also did not help.