Nokia FIRES UP Today After Post-Announcement SLUMP
Nokia’s (NYSE:NOK) Lumia Windows Phone 8 launch has been a positive catalyst for the company. Largely seen as a last-ditch turnaround effort, the Lumia 920 has met largely positive reviews. A large display, advanced camera tech, and a wireless charging pad put the phone at the front of the tech game. CityLens is an augmented reality app which allows users to use the phone and its sweet camera to overlay information on surrounding stores, restaurants, and transit hubs.
The tech looks good, so why did shares take a 15 percent nosedive after the phone’s announcement? Most likely it was because of confusion about carriers. The initial announcement didn’t include information about network partners and a launch date.
In the United States, the Lumia will be carried by Verizon (NYSE:VZ), which is trying to move away from dependence on the iPhone. In some markets in Europe, T-Mobile is waiting to see how well the phone appeals to customers.
The stock has mostly bounced back, climbing over 5 percent today alone. Nokia’s joint venture with Siemens (NYSE:SI), Nokia Siemens Networks, is looking to sell off its business support systems unit, and so far as seen favorable interest. Nokia Siemens is laying off about one fourth of its staff in an effort to cut costs and focus on mobile.
Nokia (NYSE:NOK) closed Thursday trading up 6.91% at $2.94 per share.
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