Some of last week’s biggest losers in the wireless space rebounded this morning, as technology stocks led a broad rally on Wall Street. Shares of Vonage (NYSE: VG) shot up more than 10% on the heels of the voice over IP company’s weekend offer of unlimited calling to 60 countries for $10 a month. The stock has been in freefall mode since early in November, when Vonage told investors that Q3 revenues and EBDITA were down from Q2, while churn rate increased slightly.
Shares of Nokia (NYSE: NOK) are also higher today after tumbling almost 15% last week. Late last week Nokia promised software updates to increase the power efficiency of its high-end Windows 7.5 smartphone, the Lumia 800. A number of customers have reported problems with battery life, bad news for the world’s largest handset maker, which has been struggling to stay competitive as buyers make the move to smartphones. Nokia shareholders are hoping the Lumia phones will be the beginning of a turnaround for the company, but holiday sales could be limited by Nokia’s decision to only make the phones available to a limited number of European retailers.
And shares of Apple Inc. (NASDAQ: AAPL) bounced almost 10% this morning following reports that the company is prepping a new 15-inch MacBook Air, to complement its wildly popular 11.6-inch and 13.3-inch models. It should be noted that those reports originated with Digitimes, the same source which reported earlier this month that Dell was preparing to exit the tablet business. Dell denied those reports.
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