Tuesday, March 2, 2021

Nokia’s (NOK) Party Is Over, Levi Strauss (LEVI) Also Fell Even With Better Results

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Nokia Corporation (NOK) which was up in the day’s early trading has ended the session at a loss of -28.4% to settle at $4.69. Like other businesses, in recent sessions, the telecom equipment manufacturer has risen while the value was on the front line of Reddit’s WallStreetBet forum, the American stockbrokers’ social network, which has been a lot of talk in recent days.

Nokia reacted in a statement issued yesterday in light of the sharp increase in its shares: Nokia is not aware of any significant and undisclosed new facts concerning the company, nor of any significant changes in its business or business that have not been made public and that would explain the recent increase in the price or volume of its shares.

Levi Strauss & Co. (LEVI) fell -5.73% to $20.74 despite announcing better-than-expected profits and sales for its fourth fiscal quarter a day earlier. The group warns, however, that low in-store traffic and other pandemic-related difficulties are still experienced. The group reported a net income of $57 million for the three months ended, or 14 cents per share, compared to $96 million a year earlier. In comparison to 26 cents a year earlier, adjusted earnings per share were 20 cents. Revenues decreased 12% to $1.39 billion. On the other hand, online sales jumped by 38%. For $1.34 billion quarterly sales, the consensus was 15 cents of EPS.

The company’s managing director, Chip Bergh, intends to raise the iconic brand, invest in direct fan engagement, advance digital, and further diversify the portfolio so that the group emerges from the crisis to be stronger, more profitable, and more agile.

Northrop Grumman Corporation (NOC) was stable by +0.27% to $293.03. The U.S. defense contractor also beat the consensus. Quarterly earnings per share were $6.59 versus $5.7 expected. It was $5.61 a year before. Revenues were $10.2 billion in the December quarter, compared to $8.7 billion a year earlier.

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