Traders Scramble to Put the Nokia (NOK) Trade On, Shares Surge
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Someone wants in Nokia (NYSE: NOK) shares in a bad way, or wants out of them. Judging by today's 12.5 percent surge higher it's the former.
Traders are noting a number of block traders earlier today. There was a 1 million share block that crossed the tape at 10:59AM at $3.10. There was another 1 million share block that crossed the tape at 11:40AM at $3.12. Then there was a 2 million share block that crossed the tape at 1:11PM at $3.26
The upside is being attributed to positive sentiment about sales of the Lumia 920 and positive comments from CEO Stephen Elop, who told newspaper Helsingin Sanomat that the company has opportunities to increase market share.
"When we bring the market all the time with a distinct new products, competitors' products are starting to be old-fashioned," Elop said. "In this situation, we have all the opportunities to increase our market share."
While investor are clearly enthused by all the recent hype about the new Lumia, some analysts aren't so sure. Analysts at Handelsbanken said the early data on the Lumia 920/820 may be a "storm in a teacup" and noted that similar comments were reported when Nokia launched the Lumia 800/900 and were nothing but hot air.
Traders are noting a number of block traders earlier today. There was a 1 million share block that crossed the tape at 10:59AM at $3.10. There was another 1 million share block that crossed the tape at 11:40AM at $3.12. Then there was a 2 million share block that crossed the tape at 1:11PM at $3.26
The upside is being attributed to positive sentiment about sales of the Lumia 920 and positive comments from CEO Stephen Elop, who told newspaper Helsingin Sanomat that the company has opportunities to increase market share.
"When we bring the market all the time with a distinct new products, competitors' products are starting to be old-fashioned," Elop said. "In this situation, we have all the opportunities to increase our market share."
While investor are clearly enthused by all the recent hype about the new Lumia, some analysts aren't so sure. Analysts at Handelsbanken said the early data on the Lumia 920/820 may be a "storm in a teacup" and noted that similar comments were reported when Nokia launched the Lumia 800/900 and were nothing but hot air.
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