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Nokia (NOK) Stock Jumps After Rating Boost, Eliminating Thousands of Jobs

NEW YORK (TheStreet) -- Nokia Corp. (NOK - Get Report) shares are rallying 5.05% to $6.03 on Friday after Nordea, a Nordic-based financial services group upgraded the company. Shares are also getting a boost following the announcement that the company plans to cut thousands of jobs globally.

Earlier today, Nordea boosted its rating to "buy" from "hold," citing the Finland-based telecom equipment manufacturer's attractive valuation.

"Coupled with the upcoming cash return - a EUR 0.25 DPS in June, the start of a buyback programme equivalent to another EUR 0.25 per share and still excess cash - we find the valuation too attractive to ignore...


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