Downgraded Moody’s Investors Service cut its rating on the company to the brink of junk territory, citing a severe decline in first-quarter mobile phone unit sales and market share gains by makers of very low-end phones. The ratings company downgraded its senior debt rating on Nokia a notch to Baa3 from Baa2, leaving it one step above junk level. The outlook is negative.
Shares of NOK closed lower by 3.14% to $3.70 on Friday after hitting a 15-year low of $3.69. For the week, the stock was about 8%. The stock has lost over 50% since Elop announced the deal with Microsoft.