Why Nokia (NOK) Stock May Be Higher Today

NEW YORK (TheStreet) -- Shares of Nokia Corp. (NOK) are up 4.99% to $7.58 in premarket trade after the manufacturer of mobile devices and networks won approval from Chinese competition authorities to sell its mobile phone business to Microsoft Corp.  (MSFT) without having to change its main technology patent practices, according to Reuters.

Last September, the company agreed to sell the business to Microsoft in a $7.4 billion deal, keeping its patent portfolio that analysts see as a source of future growth.

Must Read: Warren Buffett's 10 Favorite Growth Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

NOK Chart

NOK data by YCharts

More from Markets

Daimler Shares Rise After Record Mercedes-Benz Sales, Bullish Profit Outlook

Daimler Shares Rise After Record Mercedes-Benz Sales, Bullish Profit Outlook

Global Stocks Rise on Tech Resurgence; Dollar Past 3-Month High Ahead of Q1 GDP

Global Stocks Rise on Tech Resurgence; Dollar Past 3-Month High Ahead of Q1 GDP

AMD Rises Above the Competition; Loan Losses Mount for Big Banks -- ICYMI

AMD Rises Above the Competition; Loan Losses Mount for Big Banks -- ICYMI

McKesson Internal Review Clears Senior Management of Wrongdoing on Opioids

McKesson Internal Review Clears Senior Management of Wrongdoing on Opioids

Starbucks Surprises Wall Street With U.S. Sales Up a Paltry 2%

Starbucks Surprises Wall Street With U.S. Sales Up a Paltry 2%