Nokia Corporation (ADR) (NYSE:NOK) to Lay off 1000 Employees; Aim as Cost Cutting - ERIC, CIEN, SONS

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Nokia Corporation (ADR) (NYSE:NOK), a Finnish mobile phone manufacturer, has declared this morning its intentions to lay off 1,000 employees, counting 820 workers who will be moved to a pair of India-based firms.

In a shift to enhance operational efficiency and decrease operating costs, the firm will trim up to 300 workers from its organization.

How Should Investors Trade NOK Now? Don’t Miss out a Special Trend Analysis

Also, the company will move 820 IT jobs to the Indian dealers HCL Technologies and TATA Consultancy Services, which have operations in Finland.

As stated by Nokia, these modifications, largely in Finland, are the last expected reductions as segment of Nokia’s concentrated strategy declaration of June 2012.

The company stated that Nokia will offer workers affected by these intended reductions both financial support and a complete Bridge support program.

At the current trading session, Nokia Corporation (ADR) (NYSE:NOK) shares fell -6.97% to $4.35 while The Stock traded within the range of $4.35 – $4.45. In the past year, the stock has traded within a range of $1.63 – $5.87. The current session’s volume of 11.60 million shares is down from the average daily trading volume of 71.11 million shares.

Has NOK Found The Bottom and Ready To Move Up? Find Out Here

While If we look at the few other stocks within industry, Ericsson, Ciena Corporation and Sonus Networks, Inc. are remain in top volume leaders. Let’s have a quick look on their Market performance.

Ericsson (ADR) (NASDAQ:ERIC) shares are down -0.19% to $10.30 while the stock is traded within the range of $10.28 – $10.34 in the current trading session. In the last 12 months the shares have traded between $8.23 and $10.60. The current session’s volume of 243,873 shares is lower than their average daily trading volume of 3.26 million shares.

Why Should Investors Buy ERIC After the Recent Fall? Just Go Here and Find Out

Ciena Corporation (NASDAQ:CIEN) shares in the current session moved down -1.55% reaching at $15.28. The stock traded in a range of $15.25 – $15.47. In the last year the stock has moved within a range of $11.44 – $18.39. The current session’s volume of 225,876 shares is lower from their average daily trading volume of 4.10 million shares.

Will CIEN Get Buyers Even After The Recent Rally? Find Out Here

Another rival company Sonus Networks, Inc. (NASDAQ:SONS) trading down -2.17% to $2.25. Intraday trading recorded the stock price in a range of $2.25 to $2.29. In the previous 52 weeks the stock’s price ranged between $1.36 and $3.11. The current session’s volume of 145,267 shares was down from their average daily trading volume of 2.01 million shares.

Has SONS Found The Bottom And Ready To Gain Momentum? Find Out Here

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