As Monday’s trading day winds down, Nokia Corporation (NYSE:NOK), Best Buy Co., Inc. (NYSE:BBY) and Cognizant Technology Solutions Corporation (NASDAQ:CTSH) were the highlighted large-cap stock who made the biggest moves in the markets – and all their movements were up.
Nokia Corporation (NYSE:NOK), which has been much-maligned in the mobile phone market, has gained a little bit of traction of late, especially in the wake of the recent report that said Nokia was going to offer Windows Phone 8 operating systems on its phones. Since then, the stock has moved higher and gained another 5 percent today to hit $2.50 a share. There is buzz that Windows was about to take off as a new player in mobile-phone OSs, and Nokia Corporation (NYSE:NOK) stock jumping aboard may be the elixir that saves the company – at least investors think so at this point. The stock was trading at about $1.85 two weeks ago; it’s up 35 percent since.
Cognizant Technology Solutions Corporation (NASDAQ:CTSH) has been the darling of the large-cap markets today, as its stock has spiked nearly 12 percent to $64.50 a share after a positive earnings report that beat estimates, then produced guidance for the year that was consistent with analysts’ estimates. An IT outsourcing firm, Cognizant Technology Solutions Corporation (NASDAQ:CTSH) saw 24-percent growth in North America over the same period a year ago, and the buzz was loud all day.
Best Buy Co., Inc. (NYSE:BBY) started the day as the big gainer in the headlines, as its stock jumped to over $21 a share in the early hours. But it has settled back to still gain more than 13 percent to $19.95 a share, all because of a letter from company founder Richard Schulze/ Schulze announced his intention to buy the company at about $24-$26 a share and take it private. At the maximum level of his intent, that would mark a 30-percent premium on Best Buy Co., Inc. stock over the current price and a 47-percent premium over Monday’s opening price of $17.64. But the price came back down from $21-plus after an assessment of the situation reported a board od directors that was likely to be very reluctant to cooperate with the plan, plus analysts’ projections that nearly 80 percet of the price would have to be financed by Schulze to make it happen.