Nokia said it will make the changes by the end of 2013 in an effort to cut costs and streamline operations.
Nokia will close research and development at two locations in Germany and Canada and shut down its manufacturing plant in Finland. It offered an updated outlook that indicated that its smartphone sector would be hit harder in the second quarter than the company anticipated. It said it did not expect to make improvements in the third quarter.
Nokia said it will continue to focus on smartphones as well as making feature phones that cost less than those of its competitors. It will maintain a 10% minority holding in its luxury phone brand Vertu, which is being acquired by private-equity group EQT VI.The company will also see the departure of two executives -- Mary McDowell, head of the mobile phones unit; and Niklas Savander, head of the markets sector.
AOL (AOL)is trending after the company's board was re-elected despite an activist's attempts to unseat three directors. Hedge fund Starboard Value launched a campaign last year to shake up AOL's board, proposing three alternative board members who would support a new strategy at the company. Starboard, which is one of AOL's largest investors with a 5.3% stake in the company, opposes AOL CEO Tim Armstrong's plan to transform the company into an advertising-supported business from a subscription-based service. AOL shareholders approved the proposed board nominees Tim Armstrong, Richard Dalzell, Karen Dykstra, Alberto Ibarguen, Susan Lyne, Patricia Mitchell, Fredric Reynolds and James Stengel. Management said it will add two new independent directors to the board.
European Stability Mechanism, or ESM, is another popular search. Germany's parliament will vote on the new permanent rescue mechanism for the eurozone on June 29. The ESM cannot begin without German approval. It will go into action once countries representing 90% of voting rights have ratified it.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.
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