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NOK Breaking Out...

|Includes: Nokia Corporation (NOK)

• The stock was downgraded to "underweight" from "neutral" at JPMorgan Chase

• Analysts at Zacks downgraded shares of Nokia from an "outperform" rating to a "neutral" rating in a research note on Thursday, August 14th

• Despite the analyst downgrades, shares of NOK saw a large drop in short interest in July. As of July 31st, there was short interest totaling 19,488,976 shares, a drop of 18.0% from the July 15th total of 23,770,984 shares, Stock Ratings reports

• NOK broke to the upside today +0.20 2.54% closing at 8.02

• The stock was up about 0.6 percent after recording a 0.9 percent gain on Monday's session.

• A number of large new positions initiated in NOK

• NOK raised full-year guidance following recent Q2 results

• CNBC's 'Fast Money' Tim Seymour recommends NOK on Aug.12th

• Nokia Capital Markets Day will be held on November 14, 2014. Potential huge catalyst for the stock.

Disclosure: The author is long NOK.

Additional disclosure: CNBC's Tim Seymour is a buyer of NOK.