Nokia and Microsoft Reveal New Lumia 900 Phone at CES

Smartphone ‘also-rans’ Nokia (NYSE:NOK) and Microsoft (NASDAQ:MSFT) have got together to unveil a high-speed Windows Phone at the Consumer Electronics Show. Built exclusively for AT&T, the companies hope this phone will mark their return to the frontlines in the smartphone sweepstakes.

The companies announced that the new phone, dubbed the Lumia 900, pioneers the use of the next-gen LTE (long-term evolution) technology.

Though price or sales dates were not announced, Nokia Chief Executive Officer Stephen Elop said at the event, “The Lumia 900 is not only about a great device, but it’s also about inspiring a great ecosystem. An ecosystem is more than just the apps. It’s more than the device. It’s more than the operating system.”

The phone was launched with company heavyweights on stage such as Steve Ballmer from Microsoft, Nokia CEO Stephen Elop and AT&T (NYSE:T) President Ralph de la Vega.

Here’s how these stocks are reacting to the news:

Nokia Corporation (NYSE:NOK): NOK shares recently traded at $5.41, up $0.18, or 3.44%. They have traded in a 52-week range of $4.46 to $11.75. Volume today was 13,218,642 shares versus a 3-month average volume of 29,626,000 shares. The company’s trailing P/E is 23.62, while trailing earnings are $0.23 per share.

Microsoft Corporation (NASDAQ:MSFT): MSFT shares recently traded at $27.98, up $0.24, or 0.87%. They have traded in a 52-week range of $23.65 to $29.46. Volume today was 26,723,957 shares versus a 3-month average volume of 52,095,500 shares. The company’s trailing P/E is 10.17, while trailing earnings are $2.75 per share.

AT&T, Inc. (NYSE:T): T shares recently traded at $29.80, up $0.14, or 0.47%. They have traded in a 52-week range of $27.20 to $31.94. Volume today was 9,803,399 shares versus a 3-month average volume of 25,173,400 shares. The company’s trailing P/E is 15.12, while trailing earnings are $1.97 per share.