Nokia Delivers First Quarterly Results Since Microsoft Purchase and 2 Other Hot Stocks to Watch
Nokia Corp. (NYSE:NOK): Current price $7.609
Nokia shares are nearing a new 52-week high Wednesday after the corporation posted third-quarter revenue of 5.7 billion euros, barely missing the consensus 5.9 billion euros but delivering a 1 euro cent profit per share, surpassing expectations of a 1 euro cent loss. Sales dropped by 22 percent year over year and 1 percent from the prior quarter. This marked Nokia’s first report since it announced last month that Microsoft Corp. (NASDAQ:MSFT) will purchase its handset business for $7 billion. Sales in the handset group jumped by 6 percent from last quarter on a 19 percent rise in unit sales of smartphones, to 8.8 million units, which is primarily attributed to the Lumia line that runs Microsoft’s Windows Phone operating system.
Baidu Inc. (NASDAQ:BIDU): Current price $161.41
Baidu, which owns China’s No. 1 Internet search engine, is acquiring companies to speed up its transition to mobile devices, in which traffic is doubling annually at a minimum, according to Chief Executive Robin Li, who said that Baidu purchased TrustGo Mobile Inc. for its security and personal-privacy protection tech earlier in 2013 in a televised interview with Bloomberg West, without divulging details. On Tuesday, the firm said it would continue to invest assertively in mobile search after posting net income rising by 1.3 percent to $500 million in the third quarter.
Alcoa (NYSE:AA): Current price $9.49
Alcoa has advised its power supplier in Quebec that it will reduce electricity use at three smelters in the Canadian province beginning in November 2014 prior to an increase in energy prices. Alcoa has notified Hydro-Quebec, which is owned by the province, that it will slash power usage beginning November 1, 2014, through December 31, 2014, in an emailed statement. The new power price due to take effect at the beginning of 2015 would render the plants uncompetitive.