Nokia

(NOK) - Get Report

said Friday it will buy back up to 50 million of its shares.

The buyback plan gained approval of Nokia's board of directors on March 21. Nokia will begin repurchasing shares on March 30. The company has roughly 4.7 billion shares outstanding.

Also Friday,

Applied Technology

(AMAT) - Get Report

said it would repurchase up to $2 billion of its shares over the next three years.

Shares of Nokia, the Finnish mobile phone maker, gained $1.10, or 4.4%, to $26.10 in recent

New York Stock Exchange

trading.

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