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Feb. 25, 2021, 10:44 a.m. EST

Nokia stock jumps following rally in Reddit favorites

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By Callum Keown

Nokia stock jumped in early trading on Thursday, following a rally in Reddit favorites GameStop and AMC Entertainment. 

The Finnish telecom equipment maker has become a favorite among Reddit’s WallStreetBets forum in recent weeks. The latest price move comes after videogames retailer GameStop /zigman2/quotes/203755179/composite GME +2.58% and movie-theater chain AMC Entertainment /zigman2/quotes/200235402/composite AMC +3.18% — also popular with retail investors — soared on Wednesday . GameStop shares were 57% higher in premarket trading, while AMC stock was 17% up, suggesting the rally is set to continue.

Nokia’s Finnish-listed shares /zigman2/quotes/203672305/delayed FI:NOKIA -2.89% climbed close to 7% in morning trading — one of the sharpest risers on the pan-European Stoxx 600 index — while the ADRs /zigman2/quotes/207421390/composite NOK -1.00% were 6.2% higher in premarket trading.

The company’s popularity with retail investors has sent the stock on something on a roller-coaster ride so far this year. After surging 55% in the space of three days at the end of January, the company felt the need to release a statement saying it couldn’t explain the rally.

The shares have since retreated but the Finnish stock remains 11% up year-to-date, while the ADRs were 3.3% as of Wednesday’s close.

GameStop shares more than doubled late on Wednesday, with trading being twice ahead of the closing bell. The stock had opened lower after the retail chain announced the sudden departure of its financial chief on Tuesday, before soaring late in the day. AMC Entertainment gained 18.1%.

/zigman2/quotes/203755179/composite
US : U.S.: NYSE
$ 146.92
+3.70 +2.58%
Volume: 4.68M
May 11, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$10.14 billion
Rev. per Employee
$424,150
loading...
/zigman2/quotes/200235402/composite
US : U.S.: NYSE
$ 10.05
+0.31 +3.18%
Volume: 49.60M
May 11, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$4.39 billion
Rev. per Employee
$43,642
loading...
/zigman2/quotes/203672305/delayed
FI : Finland: Helsinki
4.06
-0.12 -2.89%
Volume: 23.22M
May 11, 2021 6:29p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€23.58 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207421390/composite
US : U.S.: NYSE
$ 4.93
-0.05 -1.00%
Volume: 48.34M
May 11, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$28.67 billion
Rev. per Employee
N/A
loading...

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