NEW YORK (TheStreet) -- Nokia (NOK), whose shares are flat at $6.38 in afternoon trading on Tuesday after showing volatility all day today, could soon receive a formal bid for its 'Here' navigation app from three leading German car companies, according to the Wall Street Journal.
BMW, Audi (VLKAY) and Mercedes-Benz (DDAIF) are banding together to purchase the application in order to prevent tech companies like Apple (AAPL), Facebook (FB), or Google (GOOGL) from obtaining the technology which is seen as central to developing self-driving vehicles.
The talks, which are in the advanced stages, according to the Journal's sources, are expected to close withing the next two weeks. The car companies would hold a controlling majority stake in the company with Chinese search engine Baidu (BIDU), Nokia and an undisclosed investor owning minority stakes in the business.
TheStreet Ratings team rates NOKIA CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate NOKIA CORP (NOK) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, notable return on equity, reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."