Wednesday, October 3, 2012

Nokia Corporation Intends To sell HQ in Finland - PBTH, NOK, OCN, ROYL

This morning, Nokia Corporation (ADR) (NYSE:NOK) stock increased 0.38% to $2.63 as Nokia is seeking to sell its headquarters in Espoo, Finland as part of a drive to dispose of non-core assets. The glass and steel building by the Baltic Sea is valued at 200-EUR300 million ($259-388 million), according to a report by Finnish newspaper Iltasanomat. But, the company says it will maintain its corporate base in the country. The latest move is due to cost control measure.

Will NOK Bounce Back After The recent Slump? Find Out Here

Spokeswoman Maija Taimi says selling the glass and steel structure known as "Nokia House" near Helsinki is one of the options the struggling cellphone maker is considering as it disposes of noncore real estate holdings. She says the company though had "no plans to move out of Finland."

In other news, recently Nokia Siemens, a joint venture between Nokia Oyj and Siemens AG, has completed the divestment of IPTV assets to Belgacom SA. The divestment is part of Nokia Siemens' focus on mobile broadband and services. A total of 23 employees is to be taken over by Belgacom.

PROLOR Biotech Inc(NYSEAMEX:PBTH) shares gained 4.74% to $5.30 in the morning hour after the company announced that it has received a notice of allowance from the U.S. Patent and Trademark Office (USPTO) for a new patent application covering the company's long-acting CTP-enhanced human growth hormone (hGH-CTP).

Upon issuance, the new patent would provide PROLOR with additional intellectual property protection covering methods for the induction of growth in growth hormone deficient patients.

Ocwen Financial Corporation(NYSE:OCN) stock jumped 13.85% to $33.06 after OCN and private equity firm WL Ross & Co. LLC announced that they have entered into an agreement whereby Ocwen will acquire Homeward Residential Holdings, Inc., including its various residential mortgage loan servicing and origination operating subsidiaries, for approximately $588 million in cash and $162 million in Ocwen convertible preferred stock.

Additionally, Zacks restated their neutral rating on shares of Ocwen Financial in a report issued last week. They currently have a $29.00 target price on the stock.

Royale Energy, Inc.(NASDAQ:ROYL) stock increased 4.44% to $4 after the company announced today that it will resume drilling operations at its Sacramento Basin Natural Gas field where the company has drilled 20 producing wells. Permits have been filed and approval is expected by October 17, 2012 for the Garnet and Dorset prospects in Colusa County, California where Royale drilled its successful Goddard wells.

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