Friday, November 23, 2012

Nokia Corporation (NYSE:NOK) shares rally on response to Lumia 920

European handset maker Nokia Corporation (ADR)(NYSE:NOK) was up 13 percent on Wednesday driven chiefly by news that its Lumia 920 smartphones were running out of stock in retail outlets in Germany, Australia and some other markets.

Is Lumia A Real Turnaround Formula For NOK and Investors Should The Stock Now? Find Out Here

Nokia has unveiled its new range of Lumia handsets running on Windows Phone 8 in early September but has released them for sale only in November.

The preliminary reports filtering in about the response to the phones have been encouraging with the New York Times even pronouncing it to be better than the Apple iPhone or the HTC 8X, which also runs on the Windows platform.

Zack reported, "According to Amzon.com Inc.'s (AMZN) latest report related to the smartphone sales, Lumia 920 holds second place after Motorola's DROID RAZR MAXX HD 4G. Moreover, AT&T Inc.(T) - the second largest carrier in the U.S., holds exclusive rights of Lumia 920 device."

Germany is one of the earliest markets that the Lumia phones were released and Nokia said in a statement on its Facebook page that stock were reportedly running out of stock due to the high demand for it.

"Because of the high demand, we are aware of the reports the Lumia 920 is sold out in many shops," Nokia explained. "Please be assured that we are working hard on having all models and all colours available in Germany for you."

However as yet the company has not provided any details about the actual sales in terms of units.

Nokia shares have also risen in recently because of a high proportion of shorts in the counter. Those who have shorted the stock were running to cover their short positions, as news of the enthusiastic response to the Lumia 920 filtered in.

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