Nokia shares rally more than Apple’s on iPhone 5 announcement

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Just like how the announcement of the Nokia Lumia 820 and 920 caused Nokia’s shares to drop precipitously, Apple’s announcement of the iPhone 5 caused Nokia’s shares to paradoxically rise dramatically.

In fact the shares are up 7.64% on the day, to $2.96. The lacklustre iPhone 5 only caused Apple’s shares to rise 1.97%.

WallStreet Cheat Sheet notes that much of the run up may be because doubts about the carrier distribution of Nokia have been dissipated by announcements by carriers such as Everything Everywhere and support from Verizon.

It is likely that Nokia’s share price will face a fresh challenge when they announce their Q3 2012 results, but hopefully investors can see past a difficult 3rd quarter to what is shaping up to be a very bright 4th quarter indeed.

Via WallStreetCheatSheet.com

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