Shares of Nokia Corporation (NOK) jumped nearly 4%, touching a 52-week high of $8.35 yesterday after the company announced its plan to buy back up to 370 million shares. However, the company’s shares ended the day a trifle lower at $8.33.
The Finnish telecommunication company, which has a market cap of nearly $31 billion, has witnessed its shares shoot up more than 116% over the past twelve months.
In the past one month, the company’s shares have jumped more than 15% on the back of a couple of deals. Nokia’s network unit, Nokia Solutions and Networks (“NSN”) sealed a five-year deal with Telenor – a multinational telecommunications company – to provide the latter with radio access equipment and accomplished services. Per the deal, NSN will help Telenor in upgrading its 2G, 3G and 4G networks across Europe and Asia.
— Zacks Investment Research