Nokia shares fall after Reuters exclusive on price cuts

Shares in Nokia, the world’s biggest maker of mobile phones, swiftly turned negative on July 31 when Reuters reported exclusively that the company had cut prices across its portfolio. The steepest cuts came in music and media phones, where prices were reduced by as much as 10 percent, according to industry sources backed up by market data. Nokia shares had traded higher ahead of the news, but later the shares were down more than 2.5 percent. Shares in Swedish competitor Ericsson also turned red after the news. The Reuters story was widely quoted by competing media outlets.