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 its network infrastructure segment delivering 11% net sales growth in Q3.
Optical Networks grew by 19%, thanks to AI and Cloud customers, according to CEO Justin Hotard.
- Network forecasts its venture fund investments will add EUR 0.1 billion to operating profit.
- Full-year profit forecast is EUR 1.7 billion to 2.2 billion.
IBM slipped toward its 50-day moving average, but jumped 9.31% on Oct. 24 to a new 52-week high of $307.46.
Clients turned to IBM as a trusted partner to help them build embedded AI and infrastructure, said CEO Arvind Krishna.
IBM posted a 7% revenue growth rate in Q3.
Author's summary: Nokia and IBM shares reacted to quarterly reports.
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