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NEW YORK (TheStreet) -- Shares of Nokia (NOK)  were down in pre-market trading on Wednesday as the Finnish telecommunications company's patent chief Ramzi Haidamus is leaving the company. 

Haidamus leads the company's Nokia Technologies unit that handles patents and developments of new consumer products, Reuters reports. He will leave at the end of next month. 

The unit recently reached two major patent deals with the South Korean technology giant Samsung, one of which is expected to boost Nokia's patent and brand royalties to an annualized run-rate of approximately 950 million euros, up from its previous rate of 800 million euros.

"Given the unit's progress, now is the right time for me to explore new opportunities to pursue my passion for building and transforming businesses," Haidamus said in a statement. 

Brad Rodrigues, head of Nokia Technologies' strategy and business development, will serve as interim president of the unit. 

The Samsung agreements were the first since the company sold its handset division to Microsoft (MSFT) in 2014. They also potentially set the pace for future licensing patents with other major technology companies, such as Apple (AAPL) and Qualcomm (QCOM), according to Reuters.

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Nokia Technologies is leading the move to bring Nokia's mobile phones back to the market, as well as its expansion into other areas of technology. 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate NOKIA CORP as a Hold with a ratings score of C. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity.

You can view the full analysis from the report here:


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