Nokia
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Shares of the communications infrastructure supplier Nokia have continued to soar—one of a growing group of stocks seeing outsize moves on the back of surging retail trading. The company said it has no news that would explain the rally.
Nokia stock (ticker: NOK) shares has rallied more than 70% this week—including gain of more than 50% on Wednesday—without any fundamental basis.
“Nokia is not aware of any material, undisclosed corporate developments or material change in its business or affairs that has not been publicly disclosed that would account for the recent increase in the market price or trading volume of its shares,” the company said in a statement, after a brief trading halt on the New York Stock Exchange.
In a bit of historical irony, the Nokia surge comes in parallel with a similar rally in shares of BlackBerry (BB)—another former leader of the smartphone market that has shifted its business focus. Nokia now focuses on networking gear; BlackBerry is now primarily a security software company. BlackBerry shares have rallied 89% this week.
Nokia shares have reached their highest level in a decade.
Write to Eric J. Savitz at [email protected]
