NEW YORK (TheStreet) -- Shares of Microsoft (MSFT) are advancing 1.52% to $46.67 on Thursday on Nokia's (NOK) plan to start designing and licensing handsets again, according to Reuters. Microsoft owns Nokia's mobile phone business.
'Microsoft makes mobile phones, and we would simply design them and then make the brand name available to license," Nokia's CEO Rajeev Suri said.
The plan will go forward once an agreement with Microsoft allows it to in 2016, Reuters reports.
After years of declining sales while competing with Apple (APPL)'s iPhone, Nokia sold its phone business to Microsoft in 2014.
Separately, on Wednesday, Microsoft announced that former Nokia CEO Stephen Elop who became the executive VP of Microsoft's Devices Group after Microsoft acquired Nokia's devices group, will be leaving the company.
TheStreet Ratings team rates MICROSOFT CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MICROSOFT CORP (MSFT) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and expanding profit margins. We feel its strengths outweigh the fact that the company shows weak operating cash flow."
Highlights from the analysis by TheStreet Ratings Team goes as follows: