Shares of the world's largest mobile phone maker Nokia (NYSE:NOK) $12.00 have been all over the map this morning after the Finland- based handset maker warned of shrinking sales in the second quarter, but maintained its earnings forecast. Nokia (NOK) said developments during April and May had forced it to revise down its forecast to a 2% to 6% decline in sales for the quarter, compared to previous guidance of 2% to 7%. Nokia (NOK) then said sales in its Mobil Phones division should grow 0-4% year-on-year, but were expected to decline by 20-25% in the Networks division, where operator customers were only making cautious investments. Shares of NOK initially fell as much as 9% but have since recovered to the $12.31 level in overseas trading.
Rival Ericsson (NASDAQ:ERICY) $1.98, which is more dependent on networking equipment revenues, is edging lower at $1.96 in pre- market action.
The Gartner Group chimed in and said their surveys show that Motorola (NYSE:MOT) $15.25 increased its first-quarter market share from 13.6% to 15.5%, while Nokia's share of the declining market only edged up to 34.7%, from 34.4%.
Component handset maker RF Micro Devices (NASDAQ:RFMD) $10.43 is seeing its shares rise to $10.85 in pre-market action. Three day's ago, RF Micro Devices (RFMD) warned on earnings saying that its customers were delaying releasing some of their handsets.
Stock futures jump higher
Nokia's confirming it would at least meat earning's estimates despite weaker sales has helped lift stock futures higher this morning. S&P futures (sp02m) are up 6.3 points at 1,038.40, NASDAQ futures (nd02m) are higher by 15.5 points at 1,152.50 and Dow futures (dj02m) are up 51 points at 9,705.
Fair value for the S&P 500 today is $0.09. That price will not change during the day. HL Camp & Company has their computers set for program buying at $1.36 and set for selling at $-1.37. Fair value for the NASDAQ-100 today is $0.80.
Overseas trading mixed
Foreign markets were mixed as we approach the opening bell here in the U.S. The Asia/Pacific markets had the Australian All Ordinaries falling -0.54%, in Hong Kong the Hang Seng fell - 0.65%, Japan's Nikkei 225 gained 0.07%, while S. Korea's Seoul Composite gained 0.42%.
In Europe, France's CSC 40 jumped 1.79%, Germany's DAX gained 1.83% and the United Kingdom's FTSE 100 rose 0.16%.