Nokia (NOK) Higher as Insiders Make Large Purchases Ahead of Windows Phone 8

July 31, 2012 9:23 AM EDT
Nokia (NYSE: NOK) shares are ticking higher Tuesday morning following reports that company executives are gaining further confidence in a potential rebound.

According to the WSJ, CEO Steven Elop and several directors have purchased over 1 million of Nokia common since last week.

Elop acquired 275,000 shares, bringing total holdings to 425,000, while new Chairman Risto Siilasmaa bought 333,000 shares.

Executives are buying while the stock is down in anticipation of Microsoft's (Nasdaq: MSFT) Windows Phone 8 debuting later this year.

Since hitting an annual high of $7.38 last October, Nokia has been depressed as investors pinned little hope on Windows Phone 7 or its strategy moving forward.

Nokia ended Monday's session up 2.8 percent and is indicated about 5 percent higher Tuesday morning.

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