Nokia’s Surge Reveals Short Sellers, Analysts’ Errors
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Nokia Oyj’s 48 percent rally today spells bad news for hedge funds and analysts that bet against the Finnish mobile-phone maker.
Nokia had the biggest percentage of its shares out on loan -- 11.84 percent -- through Aug. 30 among Stoxx Europe 600 Index companies with a market value of more than 10 billion euros ($13 billion), according to Markit data on Bloomberg. Shares on loan indicates how much short-selling activity has taken place. The company was analysts’ 17th least liked stock from Europe’s 190 biggest listed businesses, Bloomberg data show.