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Nokia Higher After Raising Full-Year Earnings Estimates

In Q2 Nokia saw 'continued strength in the business, improving its expectations for the full year.' The stock is higher.

Nokia  (NOK) - Get Nokia Oyj Sponsored ADR Report shares on Tuesday rose after the storied Finnish telecommunications company raised its earnings estimates.

“In the second quarter Nokia saw continued strength in the business, improving its expectations for the full year,” the company said. “Nokia now expects to revise upward its prior outlook ranges for 2021.”

The company on July 29 plans to provide full details of its revised full-year 2021 guidance, along with second-quarter earnings.

The previous forecast for 2021 included net sales, adjusted for currency fluctuations of 20.6 billion euros (US$24.3 billion) to 21.8 billion euros (US$25.7 billion); comparable operating margin of 7% to 10%; positive free cash flow; and comparable return on invested capital of 10% to 15%.

Nokia recently traded at $5.82, up 8.4%. The shares have climbed 45% in the past six months as retail investors who trade meme stocks have included Nokia.

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As for other meme stocks, AMC Entertainment  (AMC) - Get AMC Entertainment Holdings, Inc. Class A Report recently traded at $40.07, down 6%; GameStop  (GME) - Get GameStop Corp. Class A Report at $183, down 3.3%; Exela Technologies  (XELA) - Get Exela Technologies, Inc. Report at $4.21, up 21%; and Sgoco  (SGOC) - Get SGOCO Group Ltd. Report at $12.85, down 36%.

In news of the group, AMC last week scrapped plans to seek shareholder approval for a capital increase that would have diluted existing stockholders.

AMC said it would remove a proposal to increase its authorized shares to around 550 million from 525 million.

And it said it wouldn't seek approval for any more issuance until at least 2022, following what Chief Executive Adam Aron described as a "split" in opinion among the company's retail investor base.

AMC had been seeking approval to sell 25 million shares at some point next year.