Nokia Corporation (NOK) sees quick pps dive as a WSJ article states that the company has canceled its US launch of new X7 smartphone with AT&T (T).
From The WSJ: “In another setback for Nokia Corp., the Finnish mobile-phone giant has canceled the U.S. release of a smartphone that was slated to launch exclusively this year with AT&T Inc., people familiar with the situation said.
Nokia had intended to debut the touchscreen phone, dubbed the X7, in conjunction with AT&T ahead of the Mobile World Congress trade show next month in Barcelona, Spain, these people said.”.
Shares of Nokia traded down nearly 4% during last hour of trading on Wednesday, hitting $10.20 per share. NOK has a 52 week low of $8.00 and a 52 week high of $15.89. Buyers need to step up and support the issue here in the $10.00-$10.50 area, or this weakness if it persists, could gain some traction and lead to a $9.50 test relatively soon, which is currently the next support level below $10.00.
Nokia has a market cap of $38 billion and a 50-day moving average of $10.80.
Disclosure: No Position