Nokia Corporation (ADR) (NYSE:NOK) to Use Creative Accounting; Aims at Avoiding Taxes - HRS, GILT, PWAV

Pompano Beach, FL -- (SBWIRE) -- 01/09/2013 -- Indian subsidiary of Finnish mobile handset-manufacturer Nokia Corporation (ADR) (NYSE:NOK) has altered its accounting method and is restructuring its existing business model to stay away from direct and indirect taxes, the Income Tax department told Wednesday.

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

The department announced in a statement following its poll of Nokia's corporate office in Haryana and factory at Sriperumbudur and nearby that it is observed that the firm has modified its accounting model and as well it is in the process of reorganizing the existing business model to bypass certain direct and indirect tax liabilities.

In accordance with the department, some more clarifications have been sought from Nokia and the data collected needs more investigation before a last decision is reached on the firm's tax liabilities.

So far today, Nokia Corporation (ADR) (NYSE:NOK) shares lost -4.69% to $3.86 while the stock is changing hands within a range of $3.85 – $3.98. In the past year, the stock has traded between $1.63 and $5.87. Its average daily trading volume is 59.11 million shares.

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Looking at other stocks within industry, Harris Corporation, Gilat Satellite Networks Ltd and Powerwave Technologies, Inc. are in the gainers list. Let’s have a quick look on their Market performance.

Harris Corporation (NYSE:HRS) shares are up +2.11% to $49.94 while the stock is trading within the range of $49.05 – $50.01 in the current trading session. In the last 12 months, shares have floated between $37.69 and $52.23. This stock, on average, has trading volume of 782,606 shares.

Will HRS Continue To Move Higher? Find Out Here

In this session so far, Gilat Satellite Networks Ltd. (NASDAQ:GILT) shares moved up +2.08% reaching $5.41. The stock is trading in a range of $5.38 – $5.47. In the last year the stock has moved within a range of $2.31 – $5.60. The Company’s average daily trading volume is 63,182 shares.

For How Long GILT will Fight for Profitability? Read This Trend Analysis report

Another rival company, Powerwave Technologies, Inc. (NASDAQ:PWAV), is trending +16.28% higher to $0.337. The stock price is hovering in range of $0.28 to $0.34. In the previous 52 weeks, shares price ranged between $0.26 and $2.58. Their average daily trading volume is 229,178 shares.

For How Long PWAV’s Gloss will Attract Investors? Find out via this report

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