Nokia Stock Skyrockets on 5G Contract Wins and Earnings Beat – Can the Rally Last?
Nokia’s stock has been on a tear in October, culminating in a sharp jump after its latest earnings. The U.S.-listed shares rallied over 10% in a single day on Oct. 23, surging to the mid-$6 rangemexc.com. That price level hasn’t been seen since 2022, marking a multi-year high for the Finnish telecom giant. In Helsinki, Nokia’s share price similarly hit new highs above €5mexc.com. This month-long uptrend was fueled by anticipation of strong results and a string of positive news. By mid-October, Nokia’s ADR had already climbed about 14% – touching ~$5.50 by Oct. 14 – on optimism about big 5G contract wins and bullish forecaststs2.tech. The better-than-expected earnings report then added an extra boost, carrying the stock to its current elevated levels. Market participants note that Nokia’s rapid rise has made the stock technically “overbought” in the short term. Its 14-day RSI recently shot above 70, a level that often precedes near-term consolidation or pullbacksts2.tech. Indeed, after the initial post-earnings spike, Nokia’s shares may cool off or trade sideways as investors digest the gains. However, any dip so far has been shallow – a sign that dip-buyers remain confident in Nokia’s longer-term story. Even with the stock up ~60%