Nokia Stock Hits 3-Year Low After Losing AT&T Deal

Options traders are weighing in on the news

Deputy Editor
Dec 5, 2023 at 10:23 AM
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Finland-based mobile network firm Nokia Oyj (NYSE:NOK) lost out on a major deal to roll out a new network in the U.S. with AT&T (T). Instead, AT&T will partner with Nokia's rival Ericsson, which will manufacture 5G equipment for the project.

At last check, NOK is down 4.9% at $3.01. The equity earlier crashed to $2.69, or its lowest level since March 2020, and is now facing pressure from all notable short- and long-term moving averages. Nokia stock is now more than 41% lower in the past 12 months.

The equity's typically quiet option pits are popping with activity. Already today, 7,190 calls and 2,135 puts have crossed the tape, or eight times the intraday average amount. Most popular is the January 2026 5.50-strike call.

Sentiment in the options pits was anything but optimistic prior to today. Data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows NOK sported a 50-day put/call volume ratio ranking in the 90th percentile of its annual range. This suggests puts have been bought over calls at a faster-than-usual clip during the past two weeks.


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