Today Nokia’s (NOK) stock price at the New York Stock Exchange soared 90% to 8.81 dollars, compared to the 4.87 dollars the stock started Wednesday’s trading at. Nokia’s (NOK) stock isn’t alone – Gamestop, AMC and others are showing somewhat similar trends.
Day traders are apparently buying Nokia and other stocks that hedge funds are shorting (betting the stock price will fall), thus increasing the stock price. The targeted stocks appear to be “legacy” or in other words old companies in their industrial field, like Gamespot in gaming retail, AMC in theatres or Nokia and BlackBerry in technology.
Nokia comments on the trading activity of its stock
Nokia (NYSE:NOK) released a statement and said that the company is not aware of any reason for the continuing surge in its share price. Read the full statement below:
Espoo, Finland – Nokia is issuing this stock exchange release to comment on the recent trading activity of its stock. Nokia is not aware of any material, undisclosed corporate developments or material change in its business or affairs that has not been publicly disclosed that would account for the recent increase in the market price or trading volume of its shares.