High Volume Stocks April 11th: Nokia, Ford Motor, BofA, Alcoa
Nokia Corporation (NYSE:NOK): Nokia provided preliminary information on certain aspects of its Q1 financial performance, including a lowered outlook for Devices & Services. During Q1, multiple factors negatively affected Nokia’s Devices & Services business to a greater extent than previously expected, the company said. The factors include competitive industry dynamics and gross margin declines. Nokia currently estimates that its non-IFRS Devices & Services operating margin in Q1 was approximately negative 3%, compared to the previously expected range of “around breakeven, ranging either above or below by approximately 2 percentage points.” Nokia currently estimates that Devices & Services net sales in Q1 were EUR 4.2B. Based on the preliminary view, Nokia ended Q1 around the high end of our normal 4 to 6 week channel inventory range, but on an absolute unit basis, channel inventories declined sequentially. In Q1, Nokia sold more than 2M Lumia devices at an average selling price of approximately EUR 220.
Ford Motor Company (NYSE:F): Total vehicle sales in China were down 3.4% in the first quarter, to 4.79M vehicles, according to the China Association of Automobile Manufacturers, reported The Wall Street Journal. For March, total auto sales were up 1% to 1.84M vehicles, while passenger car sales in the month were up 4.5%, the report added.
Bank of America Corp (NYSE:BAC): Bank of America’s (NYSE:BAC) proposed $8.5B mortgage bond settlement received new opposition from New York Attorney General Eric Schneiderman, who says the accord appears to be unfair to investors who may deserve to recover more, reports Reuters.
Alcoa Inc. (NYSE:AA): Alcoa announced it has named Audrey Strauss Chief Legal Officer, effective May 1. Strauss will also hold the titles of Chief Compliance Officer and Corporate Secretary. She succeeds Kurt Waldo, executive VP and Chief Legal and Compliance Officer, who is retiring on August 1. Strauss is currently a senior Litigation Partner at the law firm of Fried Frank Harris Shriver and Jacobson.
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