Nokia (NYSE:NOK) Gets China Regulatory Approval for Devices Unit Sale to Microsoft

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Nokia Corporation (ADR) (NYSE:NOK) American Depositary Receipts are higher in U.S. pre-market trade after the company said its planned transaction to sell substantially all of its Devices & Services business to Microsoft (NASDAQ:MSFT) received regulatory approval from the Ministry of Commerce of the People’s Republic of China.
Nokia (NYSE:NOK) was up pre-market 3.30%.  The company has a 52-week high of 8.20 and a market cap of 26.80 billion.  The stock trades on an average volume of 20.13 million shares and is 10% owned by institutions.

Nokia and Microsoft have now received regulatory approvals from the People’s Republic of China, the European Commission, the U.S. Department of Justice and numerous other jurisdictions. Nokia and Microsoft continue to expect the transaction to close during April 2014.

In Other Pre-Market News

Cisco (NASDAQ:CSCO) is down 1% in early pre-market trade after Wunderlich cut its rating on the networking firm to hold from buy and reduced its price target to $24 from $25 per share.

Cisco Systems, Inc.(NASDAQ:CSCO) was down nearly 1% pre-market and has a 52-week high of 26.49.  The company has a market cap of 117 billion and has an EPS of 1.51.  The stock trades on an average volume of 42 million shares per day.

 

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