Stock watch: Facebook rising, Nokia sinking

Today’s tech-stock watch:

Facebook shares were up nearly 4.5 percent to $18.50 as of this post, the day after the Menlo Park company said in a filing that CEO Mark Zuckerberg would not sell his shares for at least a year, and that insiders Marc Andreessen and Donald Graham would only sell for tax purposes. As the Merc’s Brandon Bailey reports, Facebook also said it had moved up the lockup date for when rank-and-file employees can sell their shares to Oct. 29 instead of Nov. 14.

While some analysts were positive about the news, which seemed designed to instill confidence on Wall Street, “the lockup monkey on their back isn’t going away because Mark isn’t selling,” Richard Greenfield, an analyst with BTIG Research, told the New York Times.

• Shares of Nokia were down sharply on the New York Stock Exchange, about 9 percent to $2.55 as of this post, after the company’s big smartphone unveiling in New York this morning. As expected, Nokia unveiled the Lumia 920, its flagship Windows Phone 8. (The Verge and Engadget have early impressions.) Nokia also unveiled the Lumia 820, which The Next Web calls the 920’s little brother. But CEO Stephen Elop failed to say when the phones would be available (only that they would ship in the 4th quarter) or how much they would cost.

Shares of Microsoft, whose smartphone fortunes are tied to Nokia’s because of their partnership — born of a desire to compete with market-leading Android phones and Apple’s iPhone — were down slightly as of this post.

 

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  • sd

    Wonder how much Elop negotiated with Nokia’s BoD for his severance package? While what I read and hear about Windows Phone is generally positive, Elop has pretty much mishandled, mistimed and miscommunicated the entire Symbian/Meego/WP transition. Both Nokia and Microsoft should be able to execute better than this. Especially since they’re a distant third in the market and expectations aren’t that high. No price? No release date? Sad…

 
 
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