Nokia Wants Delhi High Court to Release Its Factory and 2 Other Hot Stocks to Watch
Nokia Corp. (NYSE:NOK): Current price $7.92
Nokia said Thursday that it has requested the Delhi High Court to help release its Indian factory after local tax authorities seized it, while the Finnish firm works to resolve the tax dispute prior to the sale of its mobile phone arm to Microsoft. The company also said it does not expect the dispute to impact its $7.3-billion deal with Microsoft, although it is ready for the possibility that the Chennai plant, which is one of its largest phone-making factories, will not be returned in time for the sale, which should close in the first quarter of 2014. If the seizure is still in effect when the Microsoft deal is finalized, Nokia could briefly operate the facility as a contract manufacturer for Microsoft, said some inside sources.
CombiMatrix Corp. (NASDAQ:CBMX): Current price $4.03
CombiMatrix shares are up by more than 80 percent Thursday in extremely heavy trading, after the molecular diagnostics firm that specializes in DNA-based testing services for developmental disorders and cancer diagnostics, announced that it reached a contractual agreement with America’s Choice Provider Network for coverage of its diagnostic laboratory services. The agreement with ACPN, a national healthcare savings provider network, allows access to CombiMatrix’s suite of molecular diagnostic solutions and comprehensive clinical support, specializing in prenatal, miscarriage, and pediatric healthcare to over 14 million members.
Philip Morris International Inc. (NYSE:PM): Current price $85.71
On Thursday, Goldman Sachs downgraded Philip Morris shares to Neutral from Conviction Buy, following disappointing fiscal year 2014 guidance stemming from lower volumes, weaker end-market demand, and higher investment spending. The stock’s price target was lowered from $103 to $95. Shares are down by about 4 percent at noon in New York.