Market Currents

• Friday, December 11, 2009

• 10:49 AM Apple (AAPL -0.3%) countersues Nokia (NOK +2.1%), claiming the handset maker is infringing on 13 patents. Apple's general counsel: “Other companies must compete with us by inventing their own technologies, not just by stealing ours." Likely at issue is a collision over multitouch screen tech - and a likely endgame of settlements and cross-licensing, if everyone's willing. (previously) Comment!
• 09:00 AM Premarket gainers: ING +4%. NOK +4%. FRO +4%.
  Losers: DEER -26%. USEG -6%. KGS -6%. Comment!

• Thursday, December 10, 2009

• 08:15 AM Nokia (NOK) pulls the plug on its two U.S. flagship stores, conceding defeat in its effort to mimic the success of Apple's (AAPL) retail outlets. Consultant John Strand says the move is the right one: "There is no reason for Nokia to have the flagship stores... Flagship stores are important in fashion industry: Apple is fashion, Nokia is consumer electronics." Comment!

• Wednesday, December 2, 2009

• 09:43 AM Nokia (NOK -1.2%) updates investors at its Capital Markets Day, saying it expects industry-wide handset volumes to rise 10%, while its share should remain flat at 38% - but hopes it can improve its value share by "executing on the operational priorities we have set." Analysts called the estimate "conservative." Comment!
• 07:32 AM Nokia Siemens (NOK, SI) is challenging Ciena (CIEN) in bankruptcy court after the U.S. networking gearmaker won an auction for Nortel's optical networking and carrier ethernet business. Nokia Siemens said it's upping its offer to $810M in cash from a prior offer of $770M, which was trumped by Ciena's $769M offer of cash and debt. The court will decide Wednesday whether to approve the deal. Comment!

• Tuesday, December 1, 2009

• 08:02 AM Nokia (NOK) sues Samsung, LG Displays (LPL), AU Optronics (AUO) and other LCD makers accusing them of price fixing, a suit that mirrors claims made by AT&T (T) last month. The conspiracy "artificially inflated the price of liquid crystal displays ultimately incorporated into LCD products purchased by Nokia, causing Nokia to pay higher prices," the complaint said. Comment!

• Monday, November 23, 2009

• 10:42 AM Ciena (CIEN -6.7%) upped its offer by more than $200M to $769M and edged out a joint bid by Nokia Siemens (NOK, SI) and private-equity firm One Equity Partners to buy Nortel's optical networking and carrier ethernet assets. The deal will more than double Ciena's turnover. 2 Comments

• Sunday, November 22, 2009

• 16:34 PM Sources say Ciena (CIEN) raised its offer for Nortel's optical networking and carrier ethernet business to $714M from an earlier $522M. Sources say Nokia Siemens (NOK, SI) and private-equity firm One Equity Partners have also jointly bid for the assets. 1 Comment

• Thursday, November 19, 2009

• 15:50 PM More cold water on the rumors that have boosted Palm (PALM -4.1%) a few times this year: that Nokia (NOK -2.6%) would swoop in and buy it. (previously) Comment!

• Tuesday, November 3, 2009

• 08:13 AM Nokia Siemens (NOK, SI) to eliminate 7-9% of its workforce, or about 5,800 jobs, as falling prices for telecom equipment erase profits. The company hopes to save an annual €500M by the end of 2011. "Despite having fully achieved the original merger integration savings objectives of Nokia Siemens Networks, changes in the global economy and competitive environment make further cost reductions necessary." (PR) 1 Comment

• Thursday, October 22, 2009

• 10:33 AM Nokia (NOK) files patent suit against Apple (AAPL), claiming iPhone infringes NOK's patents for GSM, UMTS and wireless LAN ((WLAN)) standards. 1 Comment

• Friday, October 16, 2009

• 10:50 AM Nokia (NOK -2%) is shaking up its phone-manufacturing unit a day after posting its first quarterly loss, dividing it into three tiers, and moving Jo Harlow to Smartphone chief and bringing John Martin in from rival Apple (AAPL) to head the Mobile Computers tier. Comment!

• Thursday, October 15, 2009

• 09:15 AM Fantastically strong manufacturing data and a nine-month low in jobless claims fail to lift futures, which turned lower after Goldman Sachs (GS) blew out earnings estimates by less than the most optimistic whisper numbers. Nokia (NOK), Citigroup (C), Harley-Davidson (HOG) and McClatchy (MNI) also lower on Q3 results. Benchmark S&P futures -0.4% at 1083. 1 Comment
• 09:00 AM Premarket gainers: ACOR +51%. CIT +11%. PLX +7%. HEB +4%. TSEM +4%.
  Losers: MNI -15%. NOK -8%. GNBT -7%. AIB -5%. AIXG -5%. COF -5%. IRE -4%. LVS -4%. GFI -4%. HOG -4%. Comment!
• 06:31 AM Nokia (NOK): Q3 EPS of €0.17 beats by €0.03, but Q3 EPS including a surprise €908M goodwill writedown at its networks unit (due to "challenging market conditions") of -€0.15 misses by €0.29. Net sales of €9.8B (-19.8%) vs. €9.95B consensus. Shipped 108.5M phones vs. 107.2M consensus. Avg. price of €62 in line. Shares -3.5% premarket. (PR, Reuters) 1 Comment
• 00:05 AM Notable pre-market earnings: APH, BAX, SCHW, C, CY, FCS, GS, HOG, LUV, MNI, NOK, OMTR, PPG, SWY, WGO Comment!