Hp Nokia - Telecommunications stocks are extending their retreat in late-morning trading on Thursday as Nokia (NOK) and Qualcomm (QCOM) both provided disappointing guidance in their quarterly earnings releases. After showing a sharp decline at the open, the NYSE Arca Telecommunications Index is currently down 4.8 percent. The index is moving further off the three-month closing high set on Tuesday, falling to its lowest intraday level in over a month.
Nokia is also seeing a substantial loss, falling by 14.2 percent. The pullback has dragged the stock down to its worst intraday price in almost three months.
The retreat comes after Nokia cut its full year operating margin guidance for its device and services division to a range of 11 to 13 percent from 12 to 14 percent amid competition from Apple (AAPL) and Research In Motion (RIMM).
The firm's first quarter earnings also disappointed the markets, as the company reported a net profit of 349 million euros, below the 370 million euros forecast on Wall Street. Sales rose to 9.52 billion euros from 9.27 billion euros but still missed the 9.81 billion euro mark.
Nokia is also seeing a substantial loss, falling by 14.2 percent. The pullback has dragged the stock down to its worst intraday price in almost three months.
The retreat comes after Nokia cut its full year operating margin guidance for its device and services division to a range of 11 to 13 percent from 12 to 14 percent amid competition from Apple (AAPL) and Research In Motion (RIMM).
The firm's first quarter earnings also disappointed the markets, as the company reported a net profit of 349 million euros, below the 370 million euros forecast on Wall Street. Sales rose to 9.52 billion euros from 9.27 billion euros but still missed the 9.81 billion euro mark.
No comments:
Post a Comment