Nokia Corporation (NYSE:NOK) Shifting Mobile Phones Xpress Internet Services Division to Chicago, Hires Staff

Nokia Corporation (ADR) (NYSE:NOK) recently unveiled a plan to move its Mobile Phones Xpress Internet Services division from Itasca to Chicago starting later this year. The move will create 150 jobs to the West Loop. The company and Mayor Rahm Emanuel declared the plan Tuesday at 425 W. Randolph St., where the Finnish technology company has its Chicago office.

Nokia also decided that it will bring 100 local tech jobs to its Location & Commerce business. The company expanded that business with its 2008 takeover of digital mapping company Navteq and is making its position stronger using its mapping services, especially on mobile phones and in-dash vehicle navigation systems.

The Chicago office, with nearly 1,200 staff, is Nokia’s biggest in North America. The shift from Itasca and the new jobs will increase the total number close to 1,500. No financial incentives have been announced in moving the Itasca team to Chicago.

Latest closing price and its Comparison with some technical indicators

The NOK stock closed at $2.68, down -0.13 points or -4.63% from previous close and at a distance of -0.30% from 20-day simple moving average. In the last trading session, the stock’s price moved -21.25% below its 200 day moving average, changing hands as low as $2.61 per share. The stock is currently trading -2.77% down its SMA 50.

Find out whether the stock is performing well?

The percentage change in the price over the past fifty two weeks remained at -60.41%. The price range in the same period had a highest hit of $7.38 on Oct 27, 2011 while lowest level during that period was $1.63 on July 18, 2012. The 1-year target price estimate, which is the median price target, as set by analysts covering the stock is $2.46. The stock in last 12 months dropped -57.19% and has declined -39.91% since the beginning of this year.

How this stock generally moves along with the stock market?

This stock is more risky when compared to the shifts in the equity markets as its beta value is standing at 1.55. To measure price-variation, we found this stock’s volatility over a week period was 5.21% and for the month was 4.36%.

What analysts think about this stock?

The analyst mean recommendation for this week has been 3.4, same as was in the last week. The price target of $1.00 was the lowest while the highest price target was set as $5.00, according to 18 analysts surveyed by Thomson Reuters.


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