Why Nokia (NOK) Stock Is Down Today

Update (10:10 a.m.): Updated with ex-dividend information.

NEW YORK (TheStreet) -- Nokia  (NOK) shares fell off Thursday morning after the stock began trading ex-dividend.

The communications company has scheduled a cash dividend payment of 51 cents a share on July 9. Shareholders who purchased Nokia stock before the ex-dividend date are eligible to receive the payment. 

Nokia hit a 52-week high on Wednesday after announced an impending share buyback, which sent the stock up to the new high. The company plans to buy up to 370 million shares, or the equivalent of 1.25 billion euros. Nokia will start the buyback after it announces its second-quarter results for the fiscal year 2014, which it plans to reveal on July 24.

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The stock was down 5.4% to $7.88 at 9:50 a.m.

NOK Price Chart

NOK Price data by YCharts

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