Stocks in the news: Wells Fargo, Nokia, Walgreens, Novavax, UAL Corp.

Wells Fargo (WFC) said on Tuesday that it would fold up 122 California branches due to its takeover of Wachovia last year, the Los Angeles Times reported. The closures, scheduled to occur in April, will involve shutting down 101 Wachovia offices and 21 Wells Fargo locations. All affected employees will be allowed to opt for jobs at other Wells Fargo branches.

Nokia (NOK) forecast Wednesday that global mobile phone unit sales would rise 10% in 2010, compared with a 7% drop in handset volumes in the third quarter, according to Nokia estimates. It is also predicting an improvement in the operating margin at its main division and said it would revamp its Symbian operating system. Shares declined about 1% in pre-market trading.