Surprise Surprise, Nokia Goes Berserk For No Reason

Nokia shares popped amid a hyper-volatile day of trading Wednesday. So much that the Finland-based networking company commented 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 released statement.

The stock surged 42.5% in afternoon trading toward a five-year high. That would be the biggest one-day percentage gain since the IPO in February 1991. Trading volume bubbled up to 960.4 million shares, also a record, and far above the full-day average of about 47.3 million shares.

Nokia was founded all the way back in 1865. Can’t you tell?

Nokia’s stock had been halted five times for volatility through afternoon trading, and was also halted once for news before the company commented on the stock movement. The stock was the second-most active on the NYSE, behind only the 1.1 billion shares traded in AMC [$AMC], which has been part of a group of stocks, including GameStop [$GME], that have been skyrocketing as investors migrated to possible short-squeeze contenders.

Even so, Nokia’s short interest was already 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 September 3, 2013, after the company revealed the sale of its devices and services business to Microsoft [$MSFT] for EUR3.8 billion ($5 billion). Nokia’s stock has jumped 59% since November, while the S&P 500 has gained 10.7%.

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