Ex-staff’s Decision to Launch Smartphone Troubles Nokia Corporation (ADR) (NYSE:NOK)

  on Nov 22,2012 Posted in Business News ,Finance
 
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Nokia Corporation (ADR) (NYSE:NOK)’s prior employees, who left the company due to discarding the MeeGo operating system, have decided to come up with their own Smartphone next year. The Ex- staff for the company comprises of four former Nokia engineers and directors among its five founders.

The new company, Jolla, will develop a high-end premium product and is looking ahead to provide retailers and operator partners with its Sailfish products for a normal price range. The Company is striving for the Chinese market. Currently the most active market is the Chinese market in the smart phone industry. They are targeting Europe and North Africa, ignoring the U.S. market. The company consists of 50 employees and is looking ahead to hire more in the upcoming months.

At the close of the trading day, Nokia Corporation (ADR) (NYSE:NOK) shares rose +12.20% to settle at $3.31. Intraday trading was between $3.05 – $3.40. In the past year, the stock has traded within a range of $1.63 – $5.87. The last session’s volume of 154.31 million shares was up from the average daily trading volume of 36.46 million shares.

DragonWave, Inc. (USA) (NASDAQ:DRWI) shares were down -1.63% to close at $1.81. The stock traded between $1.75 – $1.85 during the last trading session. In the last 12 months the shares have traded between $1.75 and $4.93. The last session’s volume of 258,606 shares was a bit higher than their average daily trading volume of 226,866 shares.

Aviat Networks Inc (NASDAQ:AVNW) shares in the last session were down -1.69% closing at $2.32. The stock traded in a range of $2.31 – $2.46. In the last year the stock has moved within a range of $1.62 – $3.30. The last session’s volume of 342,513 shares was up from their average daily trading volume of 206,807 shares.

Another rival company, China Techfaith Wireless Comm. Tech. Ltd (NASDAQ:CNTF), traded down -4.84% moving to $1.18. Intraday trading recorded the stock price in a range between $1.16 – $1.28. In the previous 52 weeks the stock has traded between $0.87– $2.70. The last session’s volume of 126,546 shares was up from their average daily trading volume of 120,608 shares.

 



 

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