Nokia Shares Rise, Microsoft Falls in Reaction to Deal
Shares 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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