Nokia stock is up again and Nokia's CEO is buying
Nokia's stock is on the rebound
We don’t normally cover too much when it comes to company stock but Nokia was an interesting case only because it dropped so low in the last few months. In fact, it dropped to its lowest price ($1.63) in 15 years and made some investors edgy—after all, if you go too low the company becomes financially meaningless and can get de-listed.
Nokia though was always a mixed bag with analysts noting that Windows Phone 8 could be its savior because the company can be unleashed with limitations on hardware lifted. Combined with the drastic cuts in the company, which unfortunately translates into layoffs, investors are now coming around....
Nokia’s stock has rallied to $2.36 a share today, which is a up nearly 9% from yesterday. We noted the apparent rebound last week when the stock jumped 10% and that trend seems to be continuing. The stock is doing so well, even Nokia CEO Stephen Elop reportedly just acquired 275,000 shares, bringing total holdings to 425,000, while new Chairman Risto Siilasmaa bought 333,000 shares in the struggling company.
Nokia's stock has had a great last 10 days
That seems to be good news as it shows even the CEO and Chairman have high hopes and expectations for Windows Phone 8 with their money being put on the table.
It seems that although current Lumia phones won’t be getting Windows Phone 8 the media are already salivating over September when Nokia is expected to unveil their new WP8 hardware and perhaps even a tablet for Windows 8 RT. Such forward-looking momentum is exactly what the company needs as it struggles for a comeback.
Source: WSJ; via Street Insider