Over the last week of trading, Nokia Corporation is down 6.38%.
This is certainly nothing new for Nokia. Over the last year of trading, Nokia Corporation is off by a miserable 39.10%. Competition with Apple (AAPL, quote) and the iPhone has been crippling for Nokia Corporation. The hail Mary partnership with Microsoft (MSFT, quote) over the more popular Android (GOOG, quote) operating system has so far not prevented the stock from plunging further.
There is currently little reason to expect the Lumia 900 to pull up the share price of Nokia Corporation. A recent USA Today article noted that Nokia, Microsoft, and exclusive US Carrier AT&T are betting big on the Lumia 900 4G smartphone, which retails for an extremely competitive $100, and praying for a Nokia comeback:
“Against the iPhone and Android, Nokia faces formidable competition. But with an attractive price, refreshing operating system, and a growing supply of apps, Nokia may well be on the way to crafting a compelling comeback story.”
That is certainly contrary to stock market expectations based on Nokia shares’ recent performance. In addition, the iPhone5 is due out later this year.
There is now a short float of 6.25% for Nokia, and a short float of 5% is considered to be troubling for a company. The trend of the stock certainly does not reveal any support for a rise as it is trading beneath its 20-day, 50-day and 200-day moving averages.