(Updates from 2:52 p.m. ET with closing information.)NEW YORK ( TheStreet)-- Nokia (NOK - Get Report) fell 0.78% to $3.78 despite a report that Microsoft (MSFT - Get Report) may be interested in the Finnish company's handset business.
HP (HPQ - Get Report) was falling 1.9% to $24.97 after a sharp market decline this afternoon. This slip happened despite an upgrade from Wells Fargo analyst Maynard Um to "outperform" from "market perform," raising his price target to $32 from $30. Um also raised his full year earnings predictions, and now expects the company to earn $3.77 per share, up from $3.67. The analyst argues that, despite a revenue falloff, share earnings should still see growth. He says in the report, "earnings growth can be driven by a combination of 1) gross margin expansion driven by mix shift to products based on HP-owned IP and 2) a more concerted focus on cost structure alignment to revenue driven, in part, by restructuring." Um adds that "any divestitures would likely accelerate the net debt zero goal and cash that had been used for debt repayment could be used to increase share repurchase/dividends or acquisitions."
Closing prices: NOK closed down nearly 1% to $3.83, MSFT dropped 3.2% to $33.49 and HP ended 2.8% lower at $24.72. -- Written by David Webster in New York >Contact by Email. Follow @thedavidwebster