The Sunny Side of $17 ...
... was seen today for the 1st time in a long time. NOK closed CY2003 at $17.00 before getting ahead of itself, and last saw an intraday high ($17.27) and close above $17 ($17.04) on April 12, 2004.
NOK was up in premarket and opened today at $17.04 and closed up 25¢ (+1.68%) on NYSE today at $17.16 after briefly touching $17.23. 14.15 Million shares traded. It has a market cap of $76.07B on recently adjusted shares outstanding and is trading at 18.3 times earnings, below its peak last year of 25.4 in March, (according to data compiled by Bloomberg). Bernd Koecher, a technology-fund manager at Deutscher Investment Trust in Frankfurt, is optimistic. Results at companies such as Nokia show the potential for gains, he said. His firm oversees $43 billion. Technology stocks "could outperform for the rest of the year" starting next quarter, said Koecher, who owns Nokia and Logitech. "The current valuations seem very reasonable."
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Hello Sisu Man,
<< Thanks Eric, for your insights regarding the progress of Nokia stock. >>
Well, it's fun to watch. More fun than when it's heading south while its peers are headed north. <g>
I'm kind of pleased that it contributed to buoying the sector.
<< I track Nokia on askresearch.com charts, a free service. >>
Hmm. Free is good, particularly since I'm not an in depth chartist. I just bookmarked that one.
<< My only question is: Why are the institutions so reluctant to be buying? - 14.8% ownership is shameful. The last time I checked I believe MOT's institutional ownership was around 60-70%. >>
Darned if I know and it bothers me. Yes MOT's right up there and so is QCOM. Perhaps it's an opportunity to reverse that. A lot of institutional money rotated out of NOK last year and into MOT, ERICY, QCOM et al within wireless sec tor and for good reason I assume some is rotating back in but I think the way that figure is captured that there is a lag (3 to even 6 months) before we see it.
Best to you. Nice to see the sunny side of $17. As someone said to me, with Nokia engaged in buying back 2.5 mil shares or so a day on a programmed basis, this is probably not a stock anyone ought to be shorting.
- Eric - |
