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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. The shares closed at $4.24, down $0.79, or 15.71%. They have traded in a 52-week range of $4.46 to $9.42.
YPF SA (NYSE:YPF): In Argentina, President Cristina Kirchner is battling with YPF SA (NYSE:YPF), the country’s biggest oil company owned by Spain’s Repsol YPF (REPYY), over the country’s falling oil production. It has gotten so bad that Spain’s King Juan Carlos called Mrs. Kirchner to ask her to ease up, sources say, reports the Wall Street Journal. Caught in the crossfire are the investors who have seen the stock fluctuate. The shares closed at $21.11, down $1.11, or 5%. They have traded in a 52-week range of $21.70 to $46.60.
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