NEW YORK ( TheStreet) -- Shares of Nokia (NOK) slipped 7 cents, or 1.74%, to $3.95 before market open on Monday after Moody's lowered the embattled gadget maker's long-term credit rating to Baa3. Moody's also maintained its negative outlook on the rating.
In a statement, Nokia said that its financial position remains strong, and reiterated its desire to get back on track.
"Nokia is quickly taking action," said Timo Ihamuotila, the company's CFO, in the statement. "Nokia will continue to increase its focus on lowering the company's cost structure, improving cash flow and maintaining a strong financial position."
The Finnish handset maker's shares slid to a new 52-week low last week after the company lowered its first-quarter guidance.IBM (IBM), which reports its fiscal first-quarter results after market close Tuesday, was up $1.70, or 0.84%, to $204.5 in pre-market trading. In a research note released early on Monday, Credit Suisse (CS) predicted a solid quarter from the tech giant, and raised its IBM price target to $200 from $175. Apple (AAPL) was one of the most active stocks in Nasdaq pre-market trading on Monday on share volume of 254,765. The iPhone maker's stock was up $4.77, or 0.79%, to $610. ARM Holdings (ARMH) was also active on share volume of 153,455. The British chip maker's shares rose 60 cents, or 2.15%, to $28.54 before market open. -- Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.
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