Arik Hesseldahl

Recent Posts by Arik Hesseldahl

Nokia Shares Rise, Microsoft Falls in Reaction to Deal

thumbs_up_downShares of Nokia, the soon-to-be-ex-Finnish wireless phone giant, are rising significantly in reaction to the company’s $7 billion deal to sell its devices business and license its wireless patents to U.S. software company Microsoft.

After the first hour of trading this morning, American Depository Receipts of Nokia had risen by $1.37, or more than 35 percent, to $5.26. Before the announcement of today’s deal, the shares had fallen by more than one percent this year.

Meanwhile, shares of Microsoft fell by more than five percent in reaction to news of the deal. By 10:30 am ET, Microsoft shares had fallen by $1.81 to $31.59. The move mostly erased the benefits of a rally in Microsoft shares that came on Aug. 23, after CEO Steve Ballmer announced plans to retire from the company. Prior to today’s news, the shares had risen by more than 25 percent this year.

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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work