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 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. 

Videogame retailer GameStop  (GME) - Get Report has been the talk of the market in recent days as retail investors have helped initiate a short squeeze that has pushed up the stock's value 10 times in just a couple of sessions. 

Chamath Palihapitiya, chief executive of the venture-capital firm Social Capital, on Wednesday said he exited his long GameStop position this morning.

The head of the Palo Alto, Calif., venture-capital firm apparently established the position through options and earned hundreds of thousands of dollars in profit.

On Tuesday he'd said on Twitter that he'd bought $125,000 of February $115 GameStop call options, after querying his Twitter acolytes as to what he should purchase. And he said he'd donate the $500,000 that made up the initial investment and the profit. 

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