Why Shares of Nokia Jumped and IBM Fell
Investors who gave up on Nokia (NOK), BlackBerry (BB), Ericsson (ERIC), or Cisco Systems (CSCO) missed out on their rally.
Nokia gained over 60% from its 52-week low, adding 9.7% last week after its quarterly report, with the network infrastructure segment delivering 11% in net sales growth.
Optical Networks grew by 19%, thanks to AI and Cloud customers, according to CEO Justin Hotard.
- Network forecasts that its venture fund investments will add EUR 0.1 billion to its operating profit.
- Its full-year profit forecast is EUR 1.7 billion to 2.2 billion.
IBM (IBM) slipped toward its 50-day moving average at below $270, but jumped by 9.31% on Oct. 24, closing at $307.46, a new 52-week high, with a 7% revenue growth rate in Q3.
Clients turned to it as a trusted partner to help them build embedded AI and infrastructure, said CEO Arvind Krishna.
Author's summary: Nokia and IBM stocks showed significant growth due to AI and cloud services.
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