• February 4, 2023

Nokia stock jumps following rally in Reddit favorites

Nokia stock rose into early trading on Thursday after a rally in Reddit favorites GameStop and AMC Entertainment.

The Finnish telecommunications equipment maker has become a favorite on Reddit’s WallStreetBets forum over the past few weeks. The final price movement is after the video game retailer GameStop
GME, + 103.94%
and the cinema chain AMC Entertainment
AMC, + 18.05%
– also popular with private investors – rose on Wednesday. GameStop shares rose 57% in premarket trading while AMC shares rose 17%, suggesting the rally should continue.

Nokia listed stocks
NOKIA, + 7.46%
rose nearly 7% in morning trading – one of the sharpest increases in the Europe-wide Stoxx 600 index – during the ADRs
NOK, + 2.28%
were 6.2% higher in premarket trading.

The company’s popularity with retail investors has put the stock on a roller coaster ride so far this year. After rising 55% in three days at the end of January, the company felt the need to issue a statement it couldn’t explain the rally.

Shares have since pulled back, but Finnish shares are up 11% since the start of the year, while ADRs were at 3.3% at the close of trading on Wednesday.

GameStop shares more than doubled late Wednesday, with trading twice before the closing bell. The stock opened lower after the retail chain announced the sudden departure of its chief financial officer on Tuesday before skyrocketing late in the day. AMC Entertainment grew by 18.1%.

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Jack

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