Nokia Rises on Recent Reaffirmed Outlook

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Nokia (NOK) - Get Report was up 10.7% in midmorning as other tech and telecom stocks tumbled.

Shortly before all trading was halted Tuesday morning, Nokia, the world's largest maker of mobile phones, said pro forma earnings for the third quarter will be within the previously stated range of 0.14 to 0.16 euros per share (12 to 14 cents). However, Nokia expects revenue for the third quarter to be about 5% lower than the third quarter last year, vs. earlier expectations of flat to 5% year-on-year growth.

Mobile phone sales are expected to be flat with the year-earlier period, the company said.

Other handset makers were drooping this morning, including

Motorola

(MOT)

, down 2.3%, and

Ericsson

(ERICY)

, down 5.8%.