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Nokia stock jumped in early trading on Thursday, following a rally in Reddit favorites GameStop and AMC Entertainment.
The Finnish telecom equipment maker has become a favorite among Reddit’s WallStreetBets forum in recent weeks. The latest price move comes after videogames retailer GameStop GME, +103.94% and movie-theater chain AMC Entertainment AMC, +18.05% — also popular with retail investors — soared on Wednesday. GameStop shares were 57% higher in premarket trading, while AMC stock was 17% up, suggesting the rally is set to continue.
Nokia’s Finnish-listed shares NOKIA, +7.67% climbed close to 7% in morning trading — one of the sharpest risers on the pan-European Stoxx 600 index — while the ADRs NOK, +2.28% were 6.2% higher in premarket trading.
The company’s popularity with retail investors has sent the stock on something on a roller-coaster ride so far this year. After surging 55% in the space of three days at the end of January, the company felt the need to release a statement saying it couldn’t explain the rally.
The shares have since retreated but the Finnish stock remains 11% up year-to-date, while the ADRs were 3.3% as of Wednesday’s close.
GameStop shares more than doubled late on Wednesday, with trading being twice ahead of the closing bell. The stock had opened lower after the retail chain announced the sudden departure of its financial chief on Tuesday, before soaring late in the day. AMC Entertainment gained 18.1%.
