Burned shares of Nokia Corp. higher in highly volatile and active trading Wednesday, enough for the Finnish-based network company to comment on the activity.
“Nokia is not aware of any material, undisclosed corporate developments or material change in its industry or business that has not been publicly disclosed that would account for the recent increase in market prices or the trading volume of its shares. , ”The company said in a statement.
The NOK stock,
has risen 47.8% in afternoon trading to a five-year high. That would be its biggest one-day percentage gain since it began trading in February 1991.
Trading volume rose to 752.7 million shares, also a record, and well above the full-day average of about 47.3 million shares.
Nokia stocks have already been suspended five times for volatility through afternoon trading, and have been suspended once for news before the company reported stock movements.
Nokia stock was the second most active on the New York stock exchange, behind just the 941.2 million shares traded in AMC Entertainment Holding Inc. stock. AMC has been part of a stock group, including GMS GameStop Corp.
which has been skyrocketing as investors have come in to candidates who may be pushing short.
Don’t miss out: GameStop, AMC trading is now restricted by TD Ameritrade, Schwab.
Read also: It’s not just a GameStop: Here are some other stocks with a big shortcut burning higher.
But while Nokia’s short interest was relatively high at around 50.5 million shares, according to the latest data – AMC’s short interest was around 39 million shares – short interest as a percentage of public flowers was relatively low at 0.9 %; AMC’s short interest as a float percentage was about 69%.
See related: Short sellers are not evil, but they are misunderstood.
Previous records for Nokia stock had a gain of 31.3% and a volume of 591.2 million shares, which both reached September 3, 2013, after the company announced the sale of its devices and services to Microsoft Corp. MSFT for EUR3.8 billion ($ 5 billion).
Nokia stock has now picked up 64.9% over the past three months, and the S&P 500 SPX index,
has received 11.8%.