Nokia lowered its second-quarter devices and services outlook for the second quarter due to competitive pressures and a product-mix shift toward lower gross margin products. The company said net sales for Devices & Services is expected to be at the lower end of its expected 6.7 billion to 7.2 billion Euro range. Nokia said it will release second-quarter results July 22.
Vringo Inc., which provides video ringtones and mobile personalization solutions, priced its initial public offering at $4.60 per unit. The company plans to offer 2.392 million units, which each consist of one share of common stock and two five-year warrants. Gross proceeds are expected to total about $11 million. The company plans to use the proceeds for capital expenditures, cost of revenue, research and development, sales and marketing and general corporate purposes.
China Merchants Bank signed a strategic agreement with UTStarcom Inc. that calls for CMB to provide credit support to UTStarcom during the next three years. The agreement calls for CMB to increase credit and provide prioritized support for UTStarcom’s projects related to Triple Network Convergence. Under the deal, CMB will provide a credit line of up to $293.6 million.
NextWave Wireless Inc. said it filed for a 1-for-7 reverse stock split effective June 1. The purpose of the split is to raise the trading price of the company’s common stock so it can maintain its position on the Nasdaq exchange.
Deutsche Telekom said its American Depositary Receipts began trading on Pink OTC Markets’ exchange on the International Premier tier.
Upcoming earnings releases:
Research In Motion June 24
F5 Networks July 21
AT&T July 22
Nokia July 22
MetroPCS August 5
