Finnish mobile maker, Nokia (NYSE:NOK) is all set to divest division of its frightening portfolio of patents to generate much-wanted cash, Timo Ihamuotila, Chief Financial Officer announced on Thursday
We would sell patents at the optimal price, Mr. Ihamuotila reported in a conference call after the firm’s second-quarter profit cautioning and restructuring declaration.
Mr. Ihamuotila further stated that Nokia, with its huge patent portfolio, is capable of selling patents while keeping up a heavy intellectual property rights portfolio.
Nokia’s patent portfolio comprises of 30,000 patents and almost 10,000 patented innovations. Its research and development department forms an average of 1,000 patentable innovations yearly.
In its first-quarter report, Nokia flagged that revenue from its intellectual property rights portfolio totals around EUR500 million a year at the current run-rate.
Other technology stocks with bullish trend include Cisco Systems, Inc. (NASDAQ:CSCO) up 0.96% to $16.82, AT&T Inc. (NYSE:T) up 0.74% to $35.24 and Applied Materials, Inc. (NASDAQ:AMAT) up 0.65% to $10.83, whereas with bearish trend include Clearwire Corporation (NASDAQ:CLWR) down -2.71% to $1.08, Adobe Systems Incorporated (NASDAQ:ADBE) down -1.13% to $31.43 and Juniper Networks, Inc. (NYSE:JNPR) down -1.04% to $16.19.
Nokia Corporation (ADR) (NYSE:NOK) dropped -14.87% or -$0.41 to trading at $2.38 at 10:28AM EDT following it hit intra day high level of $2.46. The total traded volume in the current trading session is 45.72 million shares as compared to average 36.47 million shares. Its fifty two week trading range is $2.32 – $7.38. The total market capitalization reached $8.89 billion.
The stock price was behind its 52 week low price with -8.62% and it lagged behind -65.11% from its 52 week maximum mark. Stock price volatility for last month remained 3.53%. In its share capital, the company has 3.83 billion outstanding shares out of which 3.82 billion shares have been floated in the market.
NOK presented a negative weekly performance of -3.13% with respect to its rate of return and it remained -8.52% for the month. However, the performance for a quarter experienced a negative change of -38.95% and it slumped -51.81% for a year and its year to date performance remained in red with -37.44%.
Current stock price is in the downbeat territory taking into account of 20 days moving average with -15.08% and continued bearish run for 50 days moving average with -27.84%. Its earning per share for the past twelve months was -$0.82. Company’s beta coefficient was at 1.61. Beta measures the amount of market risk associated with market trade.