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Nokia Stock Soaring High For Reasons Unknown

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Shares of Nokia Corp. skyrocketed in a very volatile and active manner this past Wednesday, so much so that the Finland-based networking company had to issue a statement addressing the spontaneously high trading activity: “Nokia is not aware of any material, undisclosed corporate developments or material change in its business or affairs that has not been publicly disclosed that would account for the recent increase in the market price or trading volume of its shares,” the company said in a statement. The stock NOK, -28.40% pared intraday gains of as much as 107.0%, but still soared 38.5% to close Wednesday at a 2-year high of $6.55, making it the biggest one-day percentage gain since it started trading in February 1991; and relatively speaking, trading volume spiked up to 1.14 billion shares, also a record, and well above the full-day average of about 47.3 million shares, MarketWatch reported.

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