Shares of Nokia Corp. (NYSE: NOK) set a new 52-week low of $2.00 today. The one-time leader in sales of mobile phones did not have any news, but the company’s prospects are not encouraging to investors.
Nokia and its partner Microsoft Corp. (NASDAQ: MSFT) announced recently that existing Nokia smartphones will not be upgradeable to Microsoft’s Windows Phone 8 software. That announcement should effectively kill sales of the Lumia phones now available while customers wait a few months until new hardware is released to run the latest version of the Microsoft phone operating system.
Meanwhile, Apple Inc. (NASDAQ: AAPL) is prepping the launch of a new generation of iPhones and Google Inc. (NASDAQ: GOOG) continues to activate about 1 million new Android-based phones every day.
Nokia shares are trading at $2.03 with about 90 minutes left in today’s trading session, down -4.7% from Tuesday’s closing price. The previous 52-week range for the stock is $2.04-$7.38.
Paul Ausick
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