Can Nokia Claw Its Way Back?
T = Trends for a Stock’s Movement
Nokia operates as a mobile communications company worldwide. It designs and develops mobile products and services; provides digital map information and related location-based content and services for mobile navigation devices, automotive navigation systems and Internet-based mapping applications; and provides mobile- and fixed-network infrastructure, communications, and networks service platforms, as well as professional services and business solutions to operators and service providers. Nokia operates in three segments: Devices & Services, HERE, and Nokia Siemens Networks.
Shares of smartphone maker Nokia are down nearly 3% in morning trading Wednesday after the company was hit by another setback in its ongoing tax battle with India’s government. The Financial Times reports a court ruling last week imposed extra conditions before Nokia would be cleared to transfer its assets in India to Microsoft (NASDAQ:MSFT) as part of its $7.2 billion acquisition deal. Nokia has appealed the ruling to India’s highest court. At issue is a manufacturing factory based in India that employs 30,000 people, says the report. ”Under the new terms of the court we will not now be in a position to transfer our assets, and that would put the continuity of our operations and their 30,000 employees in serious jeopardy,” said Nokia in a statement to the Financial Times.