Nokia Corp (ADR) (NYSE: NOK)
Nokia Corp was off to what seemed like a normal day in the market today. When the opening bell rang, the stock was in the green. Since then, the stock had been trading relatively flat with little to no excitement-making movement. Nonetheless, minutes ago, news came down the wire that the stock was halted. Below, we'll talk about what we're seeing, why, and what we'll be watching for with regard to NOK ahead.
What We're Seeing From NOK
As mentioned above, Nokia Corp seemed like it was off to a relatively normal day in the market today. At the opening bell, the stock was already trading nearly 1% up. Since then, the movement has been relatively flat. In fact, when the stock was halted at 12:31, NOK was trading at $4.96 per share after a small gain of $0.05 per share, or 1.12%.
Why We're Seeing This
As soon as our partners at Trade Ideas notified us of the NOK halt, the CNA Finance team started digging. However, the answer is still unclear. There has been no news released, there are no rumors on social, and nothing else seems to be available.
Nonetheless, there is one thing we do know. That is that Nokia Corp was halted. Any time a halt happens, it's usually for something big. At the moment, news is pending.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on NOK. In particular, we'll be watching for the news that's pending. Ultimately, we want to know the reason for the halt. We'll watch the stock closely and bring you the news as it breaks!
Update: We believe we have found the cause for the halt. It seems as though Apple has filed an antitrust case against Acacia and other patent assertion entities that Nokia is using. To read the filing, click here. Keep in mind that we are bringing the news to you as quickly as we can. We have not had time to vet this information and will continue providing updates throughout the day.
Update: The CNA Finance team has dug further, and while we have not received confirmation of the above story, we do believe that the halt is caused by Apple's filing against NOK.
Update: More news seems to be breaking on the topic. This time, a case seems to be popping up in the other direction. At the moment, there's quite a bit of chatter in the social space that Nokia has filed a suit against Apple in Europe. Once again, we will continue to provide updates throughout the day.
Update: While we have confirmed the lawsuit filed by Apple, we cannot find anything supporting the rumor that Nokia is suing Apple in Europe. At this point, NOK has opened again. After the reopen, the stock was down in a big way, and while it is now working to recover, things aren't looking good for the session.
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[Image Courtesy of Pixabay]