Largest Finnish mobile maker Nokia (NYSE:NOK)’s debt rating was lowered to junk level by Moody’s Investors Service, the remaining of the three huge credit-rating agencies to cut the mobile-phone manufacturer of its investment grade due to high declining rate of market share.
The higher debt rating was lowered by one notch to Ba1, the maximum non-investment grade, with a negative position, Moody’s commented in a statement on Friday. The downgrade affects almost 3.6 billion euros ($4.5 billion) in debt, according to Moody’s service.
Nokia Chief Executive Officer Stephen Elop declared a reformation initiative on Thursday which included hedging of almost 10,000 jobs. The Espoo, Finland-located firm reported that it anticipates booking 1.25 billion euros in cash outflows for its reformation plans from the 2Q till the end of 2013.
Its competitors include Telefonaktiebolaget LM Ericsson (ADR) (NASDAQ:ERIC) that surged 0.91% to $8.88 with the total traded volume of 507,219.00 shares.
Other technology stocks with bullish trend include Sprint Nextel Corporation (NYSE:S) up 0.48% to $3.12, Microsoft Corporation (NASDAQ:MSFT) up 1.98% to $29.92 and Oracle Corporation (NASDAQ:ORCL) up 1.78% to $27.39, whereas with bearish trend include QUALCOMM, Inc. (NASDAQ:QCOM) down -1.43% to $55.98, International Game Technology (NYSE:IGT) down -3.84% to $14.54 and Microvision, Inc. (NASDAQ:MVIS) down -22.41% to $2.32.
Nokia Corporation (ADR) (NYSE:NOK) after opening at $2.37 hit high price of $2.45 and then trading at $2.43 by surging 3.40% at 10:20AM EDT and on current session volume of 21.08 million shares is surprisingly lower than its average volume of 38.82 million shares.
The stock price volatility was 5.47% for a week and 3.80% for a month as well as price volatility’s Average True Range for 14 days was 0.16 and its beta remained 1.61.
The liquidity measure in recent quarter results of the company was recorded 1.40 as current ratio and on the other side the debt to equity ratio was 0.46 and long-term debt to equity ratio also remained 0.36. The Company had total cash at hand $12.65billion and a book value per share as $3.69 in the most recent quarter.
NOK generated revenue of 44.57 billion in the following twelve months and earned -$3050.14 million. The Company showed a negative -9.24% in the net profit margin and as well as in its operating margin which remained -8.01%. Company’s annual sales growth for the past five year was -1.23%.
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