CALDEIRÃO DE BOLSA

E a reacção está a ser muito positiva. Ontem nos

Estados Unidos subiu quase 4%. Os 14 podem estar à

vista. Uma vez que se alteraram os fundamentais é

bem provável que as casa de investimento passem a

recomendar a compra.

Nokia upgraded on coming quarter
Analyst: company's more 'open-minded'

By Brendan January, CBS.MarketWatch.com
Last Update: 1:03 PM ET Oct. 15, 2004


NEW YORK (CBS.MW) - Legg Mason upgraded Nokia Friday, saying the company has shown a new flexibility and initiative, has strong performance in its networking unit, and is entering the strongest sale season of the year.


The call came after the Finnish mobile phone giant posted a better than expected third-quarter report, and gave a strong outlook for the fourth quarter. See full story.

Analyst Timm Bechter told clients that "investors should be encouraged by the company's more open-minded approach to customers, manufacturing and sourcing."

Shares of Nokia (NOK: news, chart, profile) rose 60 cents, or 4.2 percent, to $14.80. Bechter has a fair value price of $18.

Legg Mason had initiated its coverage of Nokia on May 19 with a "hold" rating. At that time, the company was experiencing problems, said Legg Mason, but it had at least taken the "hardest step in admitting a problem."

The question was whether Nokia was capable of recovering, something which the firm has now proved.

Bechter said Nokia is making progress with carrier relationships, holding in-depth talks with Verizon (VZ: news, chart, profile), a company which it "historically has not had the best relationship (with)." The analyst added that Nokia may also be in discussion with several Chinese original design manufacturers (ODM).

These ODMs include BenQ, Lite-On and HTC, according to Bechter.

"We view all of these moves as positives indicating that Nokia is beginning to be more flexible with its processes," said Bechter.

The company is also entertaining the idea of buying chips from Qualcomm, said Bechter.

"All of which would have likely caused an uproar only one year ago," he said.

Bechter also sees the company benefiting from its seven to eight new product introductions in the coming quarter, which is usually the strongest sales season of the year.

However, the company still faces challenges, including a loss of market share in the U.S. and Latin America, and pressure from falling average selling prices.

"We believe demand should be strong this season and that Nokia is committed to regaining scale advantage through price cuts," said Bechter.

A NOKIA apresentou ontem os resultados do 3º trimestre. Apesar da queda dos lucros, os números vieram acima das expectativas dos analista, adicionalmente apresentou um outlook forte para o 4º trimestre

site para traduzir automáticamente (não é perfeito mas ajuda):

http://babelfish.altavista.com/

noticia em português:

Terceiro trimestre

Lucros da Nokia caem 20% mas superam estimativas dos analistas

A Nokia registou uma queda de 20% dos lucros do terceiro trimestre, provocada pela redução de preços com o objectivo de recuperar quota de mercado, mas ficou acima do esperado pelos analistas. As acções da líder mundial na produção de telemóveis seguiam a cair.

A Nokia registou uma queda de 20% dos lucros do terceiro trimestre, provocada pela redução de preços com o objectivo de recuperar quota de mercado, mas ficou acima do esperado pelos analistas. As acções da líder mundial na produção de telemóveis seguiam a cair.

Os resultados líquidos caíram para 660 milhões de euros face a 823 milhões registados em período homólogo, anunciou hoje a empresa em comunicado. As vendas subiram para 6,94 mil milhões de euros o que compara com 6,87 mil milhões arrecadados no mesmo período do ano passado.

Os analistas consultados pela Bloomberg esperavam lucros na ordem dos 584 milhões de euros e vendas no valor de 8,90 mil milhões de euros. A Nokia espera que durante este ano atinja as 630 milhões de unidades vendidas. Para o quarto trimestre a empresa prevê que as vendas sejam de 8,4 mil milhões de euros.

No próximo trimestre a operadora estima que o resultado líquido por acção varie entre os 16 e os 18 euros e que o volume de negócio continue em crescimento.

Podias explicar-me em português o que este artigo significa. Em termos gerais.
Agradecia.

Analysts Underpromise, Nokia Overdelivers

By Rich Smith
October 15, 2004

As the old rule goes, "underpromise, overdeliver." You always want to make conservative predictions about the uncertain future, but if you can thrill the market with a surprise gift of better-than-expected earnings from time to time, then bully for you. It's the investor relations equivalent of Berkshire Hathaway (NYSE: BRK.A) chairman Warren Buffet's instruction to his managers to "delight your customers."

Yesterday, Finnish telecom Nokia (NYSE: NOK) delighted its investors. And judging from its financial performance over the past three months, I'd hazard a guess that customers have been pretty pleased as well. Defying the Street's conventional Wisdom (large "W"), Nokia's sales actually rose 1% in the third quarter, to 6.9 billion euro (in comparison to Q3 2003). Moreover, absent continued weakness in the U.S. dollar, sales would have risen 8%. Not bad for a company that has been slashing prices on its phones in a battle to regain lost market share. Mobile phone sales may have fallen 13%, but other divisions of the company's business picked up the slack and secured an overall increase in sales.

Analysts also predicted that Nokia would earn just 0.13 euro for the quarter. Again, the company beat expectations by earning 0.14 euro. The fact that this was down from its year-ago performance was given short shrift, as that assumption had already been priced into the company's shares.

Now comes the fun part. Nokia's shares got a considerable (1.7%) boost on a very gloomy day for the market at large. A lot of that can be chalked up to the company's admirable financial performance this quarter. But even more important to Wall Street's vote of confidence, I suspect, was Nokia's raising its promise of revenue gains for Q4. Whereas analysts were expecting Nokia to sell no more than 8.2 billion euro in goods and services next quarter, Nokia is promising about 8.5 billion euro.

So is Nokia now foolishly (small "f") jumping off the underpromise bandwagon? Speaking as a Nokia shareholder, while I admire the long-term focus taken by companies such as Coca-Cola (NYSE: KO), Gillette (NYSE: G), and The Washington Post (NYSE: WPO), which decline to give quarterly earnings guidance (a position perhaps recently abandoned by Coke), I also appreciate Nokia's stream of updated earnings and sales guidance in recent years. The company seems to stand by its predictions and, when events overtake them, to quickly let investors in on the news. Taking all that into consideration, I wouldn't be at all surprised to see Nokia overdeliver once again come January.

Can't get enough of Nokia news? Read the saga of its courtship of Symbian. It's long enough to tide you over till the next earnings report comes out:

Nokia Settles Symbian Saga
Ericsson Calls Nokia's Bluff
Nokia's Drama Queen
Nokia's Foiled Power Play?
Nokia's Symbian Gambit

Fool contributor Rich Smith owns shares of Nokia, but of no other company mentioned in this article