On June 29, Nokia fell 3.19% in regular trading, trading at $12.43/share, with turnover of $3.18 billion.

On the news front, despite Barclays raising its target price on Nokia from EUR 8 to EUR 8.5 on the same day, the upgrade failed to offset persistent selling pressure. Nokia had previously announced AI network partnerships with both Amazon Web Services and Google Cloud, which drove a short-term rally before triggering a pronounced sell-the-news pattern. From June 26 to 27, the stock had already declined over 10% cumulatively as profit-taking intensified.

The broader Communication Equipment sector was under significant pressure, amplifying the downdraft. Ciena fell 8.82%, Lumentum dropped 4.89%, and Applied Optoelectronics declined 1.5%, while Cisco rose 2.15% and Arista Networks gained 0.85%. The sector-wide selling compounded Nokia-specific profit-taking as investors continued to exit positions accumulated ahead of the recent AI collaboration announcements.

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