Juniper Networks Stock Jumps On Nokia Takeover Buzz
XJuniper popped 18% to 35.19 in after-hours trading on the stock market today. Shares rose 5% to 29.61 in Wednesday’s regular session despite a broad sell-off in technology stocks.
Nokia and Juniper have a U.S. marketing partnership. Speculation that Nokia would buy Juniper first surfaced in 2014, but Nokia backed away from making an offer.
Juniper stock fell in October after the company preannounced third-quarter earnings below consensus estimates, a surprise that analysts attributed to weakness at customer Amazon.com (AMZN). Juniper has been rebounding since hitting a low of 24.56 on Oct. 25.
Sunnyvale, Calif.-based Juniper has been seeking a turnaround under its new chief executive, Rami Rahim. It has aimed to sell more networking gear to cloud-computing providers such as Amazon and Microsoft (MSFT).
Nokia’s smartphone business cratered after Apple (AAPL) rolled out its iPhones. It’s aiming to rebound as wireless phone companies roll out 5G services that use cloud-computing infrastructure.