Nokia stock soars to a record gain on record volume, for no apparent reason

Nokia stock soars to a record gain on record volume, for no apparent reason

Shares of Nokia Corp. powered up in very volatile and active trading Wednesday, enough for the Finland-based networking company to comment on the activity.

“Nokia is not aware of any material, undisclosed corporate developments or material change in its business or affairs that has not been publicly disclosed that would account for the recent increase in the market price or trading volume of its shares,” the company said in a statement.

Stock Nokia, + 38.8% NOK% has made an intraday profit of 10% .0%, but is still up 3% Wednesday to close at 2-year high of $ 4.55. This was the largest one-day percentage since starting business in February 1991.

Trading volume reached 1.14 billion shares, also a record, and above the full-day average of approximately 47.3 million shares.

Nokia's stock was paused five times for volatility, and once for news before the company commented on stock movement.

Nokia's stock was the second most active on the New York Stock Exchange, behind only 1.25 billion shares traded at AMC, + 301.21%, the shares of AMC Entertainment Holding Inc. AMC has been part of a group of shares, including GameStop Corp. Includes GME, + 134.84%, skyrocketing as investors flock to potential low-squeeze candidates.

But while Nokia’s short interest was relatively high at about 50.5 million shares, according to the latest data — AMC’s short interest was about 39 million shares — short interest as a percent of the public float was relatively low at 0.9%; AMC’s short interest as a percent of float was about 69%.

The previous records for Nokia’s stock were a gain of 31.3% and volume of 591.2 million shares, both reached on Sept. 3, 2013, after the company announced the sale of its devices and services business to Microsoft Corp. MSFT for EUR3.8 billion ($5 billion).

Nokia’s stock has rallied 61.7% over the past three months, while the S&P 500 index SPX, -2.57% has gained 14.7%.