Nokia Corporation (ADR) (NYSE:NOK) is trading up slightly this afternoon after the company announced that their shareholders have approved an acquisition of competitor Alcatel-Lucent. The move could potentially make Nokia the top network in the world when it comes to service providers and network equipment sales.
Nokia Corporation (ADR) (NYSE:NOK) stands to see total revenue between the two companies coming in at approximately $26.5 billion. Alcatel-Lucent was founded in 2006 but the company has a history going back to the late 19th century.
Nokia, a company founded over 150 years ago themselves, brings a workforce of over 60,000 employees to the table, in quite the extraordinary merger within the industry.
The stock is up 0.61% or $0.05 following the news, hitting $7.45 per share. About 6.00M shares traded hands. NOK has declined 1.07% since April 29, 2015 and is downtrending. It has underperformed the S&P500 by 0.87%.
From a total of 7 analysts covering Nokia (NYSE:NOK) stock, 5 rate it a “Buy”, 1 a “Sell”, and 1 a “Hold”. This means that 71% of the ratings are positive. Nokia was the topic of 7 analyst reports since August 26, 2015 according to the firm StockzIntelligence Inc. Credit Suisse upgraded shares on December 1 to a “Outperform” rating. Credit Agricole initiated NOK stock in a recent report from September 22 with a “Buy” rating. Finally, Bernstein maintained the stock with a “Outperform” rating in a report they issued on a September 3.
Nokia Corporation invests in technologies. The company has a market cap of $29.53 billion. The Firm operates through three business divisions: Nokia Networks, HERE and Nokia Technologies. It has 26.13 P/E ratio. Nokia Networks offers network infrastructure software, hardware and services.