Why Shares of Nokia Jumped and IBM Fell
Investors who gave up on Nokia, BlackBerry, Ericsson, or Cisco Systems missed out on their rally.
Nokia gained over 60% from its 52-week low, adding 9.7% in reaction to its quarterly report, as stock markets treated it like an AI and cloud services supplier.
- In the third quarter, the network infrastructure segment delivered 11% in net sales growth.
- Optical Networks grew by 19%, thanks to AI and Cloud customers, according to CEO Justin Hotard.
- Network forecasts that its venture fund investments will add EUR 0.1 billion to its operating profit.
- Its full-year profit forecast is EUR 1.7 billion to 2.2 billion.
IBM slipped toward its 50-day moving average at below $270 last week, but the stock jumped by 9.31% on Oct. 24, closing at $307.46, a new 52-week high.
CEO Arvind Krishna said that clients turned to it as a trusted partner to help them build embedded AI and infrastructure.
In Q3, IBM posted a 7% revenue growth rate.
Author's summary: Nokia and IBM stocks showed significant movement.
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