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% last week after its quarterly report.
The stock market treated Nokia like an AI and cloud services supplier, with the network infrastructure segment delivering 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 jumped by 9.31% on Oct. 24, closing at $307.46, a new 52-week high.
In Q3, IBM posted a 7% revenue growth rate, with CEO Arvind Krishna saying that clients turned to it as a trusted partner to help them build embedded AI and infrastructure.
Author's summary: Nokia shares jumped due to strong quarterly report.
- Nokia: 60% gain from 52-week low
- IBM: 9.31% jump on Oct. 24