Nokia (NOK) NewsBite - Nokia Siemens Eyeing Nortel Assets

Posted: Tuesday, May 19, 2009 10:02 AM EDT

Nokia (NYSE: NOK) opened at $15.03. So far today, the stock has hit a low of $14.88 and a high of $15.05. NOK is now trading at $14.89, up $0.26 (1.78%). Over the last 52 weeks the stock has ranged from a low of $8.47 to a high of $30.17. Nokia Siemens Network, a joint venture between NOK and Siemens AG (SI), is interested in acquiring some assets of Nortel Networks Corp. (NT) in order to boost its presence in the American mobile phone market, according to a statement from company COO Mika Vehvilainen. Technical indicators for the stock are neutral and S&P gives NOK a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on NOK the stock seems like it could be a candidate for a June out-of-the-money bull-put credit spread below the 13 range. [ABR-Seven Summits Strategic Investments NewsBite]

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