Nokia Rises in Wake of Apple Patent Win
Nokia Corp. (NYSE: NOK) shares are up more than 10%, or above $3.40 a share, in premarket trading.
Last week, a U.S. jury awarded Apple Inc. (NASDAQ: AAPL) $1.051 billion in damages from Samsung Electronics, finding that the Korean company infringed some of Apple's valid patents. The verdict is a blow to Samsung, which late last year overtook Nokia as the world's largest handset company. Samsung is considered the only viable competitor to Apple in the smartphone market.
Speculation has swirled since the Apple verdict that the troubled partnership between Nokia and Microsoft Corp. (NASDAQ: MSFT) may benefit by it. The decision could make the Nokia/Microsoft products more popular with carriers. No patent claims have been filed against the Windows Mobile OS.
Nokia Corp. is expected to release its first Windows Mobile powered phone on the Verizon Communications Inc. (NYSE: VZ) network before the end of the year. The launch comes very late. The Nokia alliance with Microsoft was meant to give the phone maker an entirely new line of products and also to boost adoption of Microsoft's operating system in the smartphone market, which has been hammered by Google Inc.'s (NASDAQ: GOOG) Android and Apple's iOS.
Nokia closed Friday at $3.08 a share, in a 52-week range of $1.63 to $7.38.
Filed under: 24/7 Wall St. Wire, Rumors, Telecom & Wireless Tagged: AAPL, GOOG, MSFT, NOK, VZ