Nokia Oyj (NOK) surged 5.06% over the past 24 hours, driven by S&P Global Ratings upgrading the company's credit outlook from "stable" to "positive" while reaffirming its BBB- credit rating. The rating agency cited Nokia's progress in business diversification and stable cash flow performance as key factors behind the improved outlook.

The credit rating action provided a strong catalyst for the stock, which had been recovering from a sharp post-earnings selloff. Nokia recently reported second-quarter adjusted comparable operating profit of EUR 4.34 billion, up 18% year-over-year and significantly exceeding market consensus of EUR 3.82 billion. The company's AI and cloud business orders reached EUR 2.8 billion, with sales doubling year-over-year, and full-year profit guidance was raised to EUR 2.1-2.6 billion. Shares had experienced a classic "buy-the-rumor, sell-the-news" decline of over 10% in the two sessions following the July 23 earnings release, before rebounding from the $8.48 level.

The positive credit outlook upgrade and continued recovery momentum have reinforced investor confidence in Nokia's strategic transformation and improving financial profile.