Nokia Corporation (NYSE: NOK) shares surged in early trading on a specious statement while technology sector exchange traded funds (ETFs) are being battered by broad sell-off orders.
On Wednesday, website Boy Genius spuriously reported that according to industry insider Eldar Murtazin, Microsoft (NasdaqGS: MSFT) will purchase Nokia’s mobile business for $19 billion.
Microsoft shares dropped almost 2% as the rumor spread through Wall Street.
Nokia spokesman Doug Dawson responded by stating that “these rumors are 100 percent baseless,” reports Dominc Lau for Reuters.
However, Nokia has previously struck a deal with Microsoft to replace its own Symbian software with Microsoft software in its phones.
- Software HOLDRs (AMEX: SWH) is down 0.1%. MSFT is 14.51%.
- iShares Dow Jones U.S. Technology Sector Index Fund (NYSEArca: IYW) is down 1.89%. MSFT is 8.18%.
For more information on the tech sector, visit our technology category.
Max Chen contributed to this article.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.