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Nokia Says No Material Reason for Stock Spike

Nokia shares spiked on nearly a billion shares traded, more than 20 times its daily average volume. The company sees no material reason for the move.
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Shares of Nokia  (NOK) - Get Nokia Corporation Sponsored American Depositary Shares Report shot up to nearly $9 on Wednesday, and the networking-equipment maker said it saw no material reason for the spike.

Nokia shares at last check were up 48% to $6.98. 

"Nokia is not aware of any material, undisclosed corporate developments or material change in its business or affairs that has not been publicly disclosed that would account for the recent increase in the market price or trading volume of its shares," a statement from the Finnish company said. 

Trading volume was approaching 1 billion shares at last check Wednesday. The stock's three-month average trading volume is 43 million shares. 

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