Two Ways To Play: Don't Hang Up On Nokia
Strengthen your portfolio in good times and bad.
Tough Third Quarter For Nokia
Nokia (NOK) reported a 30% slump in third-quarter profits. According to Bloomberg, the world's largest mobile phone maker said net income fell to $1.46 billion, or $0.29 a share, while sales dropped 5.1% to a little over $16 billion.
Year-to-date, Nokia's stock has lost nearly 60% on concerns consumers will delay replacing handsets during the economic slowdown. But shares were picking up steam before the opening bell after the company said it could regain market share after losing ground for the past 3 months. For context, see Scott Reeve's recent column, Microsoft Battles Google, Nokia For Cell-Phone Supremacy.
From the Bull Pen: Nokia may have seen a bottom and shares could approach the $20 level in the near future. Bulls can place sell stops below $15. Another attractive stock at these prices could be Apple (AAPL). Watch to see if it makes a lower low (above $85).
From the Bear Cave: Bears can consider a downside play in Qualcomm (QCOM). See the massive overhead resistance at $45. If and when.
Quick Check Around the World
Asian trading closed with the Hang Seng -4.80%, Nikkei -11.40%, Sensex -2.11%, Taiwan -3.25%, Shanghai -4.20% and ASK 200 -6.67%.
Glancing across the pond, we see the CAC -3.79%, DAX -2.55%, FTSE -3.08%
As of 8:20 a.m. EST, S&P Futures are trading +9.3 to 912, and Nasdaq futures are +3 to 1232.
A Look At Commodities
Crude oil is trading -1.22 to 73.37. Gold is -4 to 835. Silver is -0.180 to 10.00, and copper is -9.55 to 212.80.
The dollar index is +0.106 to 82.150.
On the Radar
08:30 Core CPI (Sep)
08:30 CPI (Sep)
08:30 Initial Claims (10/11)
09:00 Net Foreign Purchases (Aug)
09:15 Capacity Utilization (Sep)
09:15 Industrial Production (Sep)
10:00 Philadelphia Fed (Oct)
Click here for the full trading radar.
Good luck today!
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter