REUTERS: Shares in Nokia fell 8 per cent in Wednesday morning trade on concerns that the Finnish company was losing the business of its key client Verizon in the United States.
Overnight, JP Morgan downgraded Nokia to"neutral" from"overweight", citing a potential loss of business with Verizon."We believe that there is a real risk Verizon will depend less on Nokia as their primary RAN supplier going forward," JPM said in a note."Nokia is proud to serve Verizon, and we are committed to continuing to help them build the best, most reliable and highest performing network," Nokia spokesman said.
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