Very quietly over the last couple days, Nokia (NYSE:NOK) stock has risen singificantly, and it is taking additional stpes skyward Tuesday, as the stock was selling for more than $2.35 today, a 9 percent jump on the day and the stock is up 30 percent since last week. Although Nokia is getting lambasted by Apple and Samsung in the mobile phone world, are there indications that Nokia might be making a comeback?
The company recently reported that it was soon launching two Windows Phone 8 models – perhaps as early as early September, just after the Nokia World event, and even the mention of the words “Windows Phone 8” has some people excited. Granted, Nokia is a decent third in market share in mobile phones right now and it may likely be in WP8 competition with current smartphone market leader Samsung, but Nokia has been reporting some growth in the European market. However, some have indicated that the company is just not taking advantage of opportunities, like when AT&T (NYSE:T) spent $150 million of its own money to help promote Nokia’s Lumia 900 once At&T lost its exclusivity for the iPhone to Verizon (NYSE:VZ).
However, there are others who have stated that an impending backruptcy for Nokia was already figured into its price a week ago, and with some of the results come out of the company’s earnings report and known cost-cutting mesaures undertaken (very aggressive ones, we might add), and they believe the rpice will only rise as evidence comes to light that the company is beginning to stabilize and will not file bankruptcy. That seems to be the case right now, as more and more information seems to come out showing that Nokia is not working to value itself for a sle nor is talking to any bankruptcy attorneys. As investors take a long look at Nokia’s plans and the if they see further away from bankruptcy, they seem to see Nokia as a good stock buy.
As Tuesday’s trading day winds down, Nokia is one of the day’s bulls, as the stock is up nearly 10 percent to about $2.40 a share. It was at about $1.70 this time a week ago. Could this be one of the great comeback stories on the market? Only time will tell, but with the stock rallying seemingly unprovoked, maybe there is something we don’t know.