Nokia Corporation (NYSE:NOK) sheds light on its first quarter financial performance, and especially the prospects for Devices & Services, which were negatively affected by several factors, including industry competition, to a larger degree than was expected. At present Nokia thinks that the first quarter operating margin for its non-IFRS Devices & Services was around negative 3 percent, when a range of 2 percentage points above or below breakeven had been forecast. Nokia estimates that the division’s first quarter net sales amounted to
EUR 4.2 billion. as the company itself finished its first quarter near the better end of its usual 4 to 6 week channel inventory range, but on an absolute unit basis, it saw channel inventories declining sequentially. However, in the same quarter Nokia sold more than 2 million Lumia devices at an average price of around EUR 220.
Alcoa, Inc. (NYSE:AA) says that Audrey Strauss, who is at present a senior Litigation Partner at the law firm of Fried Frank Harris Shriver and Jacobson, will become its Chief Legal Officer, effective May 1st. Strauss will succeed Kurt Waldo, executive VP and Chief Legal and Compliance Officer at Alcoa, who is retiring on August 1st, and that she will hold the titles of Chief Compliance Officer and Corporate Secretary, as well.
Renren Inc (NYSE:RENN) reports that it is partnering with Intel (NASDAQ:INTC), and Feitian, a leading innovator of security technologies and applications, in order to launch the Intel Identity Protection Technology, or IPT, to Renren.com SNS platform. Renren is China’s top real-name social networking internet platform,.
Bank of America Corporation (NYSE:BAC) encounters fresh opposition from New York Attorney General Eric Schneiderman, to its proposal of an $8.5 billion mortgage bond settlement. According to Reuters, Schneiderman thinks that the deal appears to be unfair to investors who may deserve to recover more than that figure allows.
JPMorgan Chase & Co. (NYSE:JPM) is among some three large financial institutions which are once again offering subprime loans, says The New York Times. The other two mentioned include Capital One (NYSE:COF), and HSBC (NYSE:HBC). The NYT article also quotes Equifax as reporting in March that credit card companies gave 1.1 million new cards to subprime borrowers in December, which would be a 12.3 percent year-over-year increase.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.