Why Shares of Nokia Jumped and IBM Fell
Investors who gave up on Nokia (NOK), BlackBerry (BB), Ericsson (ERIC), or Cisco Systems (CSCO) missed out on their rally.
Nokia gained over 60% from its 52-week low, with a 9.7% increase last week following its quarterly report. The stock market now views Nokia as an AI and cloud services supplier.
Nokia's Quarterly Report
In the third quarter, Nokia's network infrastructure segment delivered 11% in net sales growth, with Optical Networks growing 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. !
- Full-year profit forecast is EUR 1.7 billion to 2.2 billion.
IBM's Performance
IBM (IBM) initially slipped toward its 50-day moving average at below $270 but then jumped by 9.31% on Oct. 24, closing at $307.46, a new 52-week high.
CEO Arvind Krishna said that clients turned to IBM 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 saw significant stock movements due to their quarterly reports.
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