Momo, Nokia, AutoZone News Today

Nokia and Apple ended their patent dispute, and NOK stock is rallying as a result

May 23, 2017 at 10:15 AM
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The Dow is on pace for a fourth straight day of gains. Among specific stocks on the move are China-based social media concern Momo Inc (ADR) (NASDAQ:MOMO), smartphone specialist Nokia Oyj (ADR) (NYSE:NOK), and car parts retailer AutoZone, Inc. (NYSE:AZO). Here's a quick look at what's moving shares of MOMO, NOK, and AZO. 

MOMO Stock Swings Lower After Earnings

Momo stock is down 7.1% at $39.81, despite a blowout first-quarter earnings report. Nevertheless, the shares are still up 116% year-to-date and hit a record high of $45.95 yesterday. Short-term options traders have shown an unusual preference for calls over puts, per MOMO's Schaeffer's put/call open interest ratio (SOIR) of 0.43, which ranks in the low 16th annual percentile. 

Apple Agreement Sends NOK Stock Higher

Nokia stock is up 6.3% this morning at $6.60, earlier tagging an annual high of $6.65, thanks to news the company has settled its patent dispute with Apple, with the companies signing a new collaboration agreement. NOK shares have been rallying hard since bouncing from their 200-day moving average late last month, but analysts remain bearish. Specifically, 70% of covering brokerage firms rate Nokia a "hold." 

AZO Stock Crushed by Disappointing Earnings

AutoZone's fiscal third-quarter earnings missed analysts' expectations, with the company citing delayed tax refunds for the disappointing numbers, and the shares have so far shed 7.7% to trade at $608.83. In fact, AZO stock earlier hit a two-year low of $597.45, and Raymond James has weighed in with a downgrade to "market perform" from "strong buy." More bearish notes from analysts are certainly a possibility, since 10 of 17 brokerage firms recommend buying AutoZone stock, with zero "sell" ratings on the books. 

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