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Technology Stocks : Nokia Corp. (NOK) -- Ignore unavailable to you. Want to Upgrade?

To: sisuman who wrote (3372)	5/9/2005 7:53:37 PM
From: Eric L	Read Replies (1) \| Respond to of 9255

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." tinyurl.com 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 -

To: sisuman who wrote (3372)	5/14/2005 12:06:12 PM
From: Eric L	Read Replies (1) \| Respond to of 9255

NOK: Institutional Ownership << 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%. >> Institutional Ownership of NOK shares is certainly very low compared to most of its peers in the communications equipment manufacturing industry, or at least those headquartered in the US. After reaching a 4 year low after Q2 earnings last year institutional ownership is increasing which is a positive and it should be noted that it takes upwards of 3 to 4 months for net shares purchased/sold in a quarter to be reflected, and it should also be noted that the institutional ownership of NOK is considerably higher than that of ERICY and SI, two peers that trade in the US but are headquartered in Europe. According to Reuters ProVestor Company Reports, currently "1,173 institutions own 15.0% of the 4.43 billion NOK common shares outstanding. This is lower than the average institutional ownership of the Communications Equipment Industry (49.4%), and lower than the average of the S&P 500 as a whole which is 65.2%." NOK Institutional Ownership Change (3 months) · NOK Net Change (3 month) 8.2% NOK Net Purchases (3 month) 68.09 mil NOK Shares Purchased (3 month) 127.13 mil NOK Shares Sold (3 month) 59.04 mil · Some Current Industry Comparatives (Reuters ProVestor): · * 1,940 institutions own 71.8% of the 1.66 billion TXN common shares * 1,992 institutions own 68.7% of the 1.63 billion QCOM common shares * 1,933 institutions own 68.1% of the 2.45 billion MOT common shares * 2,888 institutions own 60.1% of the 6.46 billion CSCO common shares * 1,173 institutions own 15.0% of the 4.43 billion NOK common shares * 428 institutions own 6.5% of the 15.83 billion ERICY common shares * 212 institutions own 3.1% of the .8893 billion SI common shares · NOK Historically (4 Years) · * May 2005: 1,173 institutions own 15.0% of the 4.43 billion NOK shares * Jan. 2005: 1,151 institutions own 13.4% of the 4.49 billion NOK shares * Oct. 2004: 1,305 institutions own 12.2% of the 4.55 billion NOK shares * May 2004: 1,602 Institutions own 16.5% of the 4.66 billion NOK shares * May 2003: 1,679 Institutions own 17.5% of the 4.79 billion NOK shares * July 2003: 1,662 Institutions own 18.0% of the 4.79 billion NOK shares * Nov. 2002: 1,545 Institutions own 16.4% of the 4.76 billion NOK shares * Apr. 2002: 1,802 Institutions own 21.7% of the 4.74 billion NOK shares * Oct. 2001: 1,643 Institutions own 23.0% of the 4.70 billion NOK shares * July 2001: 1,596 Institutions own 22.3% of the 4.70 billion NOK shares One of our colleagues (rkral) posted this interesting note and reference elsewhere regarding the compilation of "Institutional holdings" data in the US. "Institutional holdings" data is compiled from Form 13F filings made with the SEC. From the form ... "Rule 13f-1(a) provides that every Manager which exercises investment discretion with respect to accounts holding Section 13(f) securities, as defined in rule 13f-1(c), having an aggregate fair market value on the last trading day of any month of any calendar year of at least $100,000,000 shall file a report on Form 13F with the Commission within 45 days after the last day of such calendar year and within 45 days after the last day of each of the first three calendar quarters of the subsequent calendar year." sec.gov In general it appears that some of the institutional dollars that have rotated out of NOK are rotating back in, albeit slowly. Given the positive Q1 earnings results, positive guidance, headquatering their CFO near capital markets in NYC and the likelihood that Nokia will resume both top line and earnings growth after a several year stall I would expect institutional ownership to continue to increase as the year progresses. As stated on this Nokia web page, ~46% of NOK shareholders are from the US and that is a darned good reason for Nokia to want to kick it up a notch, and recapture lost share here, and reinvigorate its brand here: nokia.com Comments anyone? - Eric -