Stock Track | Nokia Plunges 5.12% in Overnight Trading as Sector Retreats and Profit-Taking Intensifies

Stock Track05-15 13:38

Nokia Oyj's stock experienced a 24-hour plunge of 5.12% in overnight trading on Friday, marking a significant downturn for the communications equipment manufacturer.

The decline appears to be part of a broader sector-wide pullback, as the communication equipment sector retreated after an initial rally driven by Cisco's strong quarterly results. As Cisco itself retreated overnight, it dragged down the entire sector, with peers including Arista Networks, Lumentum, and Applied Optoelectronics also facing selling pressure.

Additionally, Nokia had previously rallied to a near 17-year high and breached JPMorgan's recently raised target price, suggesting that short-term profit-taking pressure intensified after the rapid run-up in the stock's price.

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