NEW YORK (MarketWatch) - David Einhorn's Greenlight Capital Inc. took new stakes in Civeo Corp. CVEO -4.89% and Time Inc. TIME -1.59% , according to its 13F regulatory filing with the Securities and Exchange Commission. The hedge fund modestly reduced its holding in Apple Inc. AAPL +0.27% and sold the bulk of its stake in retailer Conns Inc. CONN +1.15% , according to the filing made late Thursday. Greenlight and its units as of June 30 owned 6.1 million shares in Civeo, which provide remote-site accommodations services, and 3.3 million shares in Time, which was spun off from Time Warner Inc. TWX +3.18% in June. It also owned 4.0 million shares in Voya Financial Inc. VOYA +1.23% , previously known as ING U.S. Inc. and in which it had owned 3.2 million shares on March 31. Greenlight owned 878,406 shares in Apple on June 30, down from almost 1.1 million on March 31, and 172,865 shares in Conns, down from almost 1.3 million three months earlier. It sold its entire stake in Nokia Corp. NOK +0.06% and Rite Aid Corp. RAD -0.32% , among others.
Nokia Growth Partners is putting its $100 million Connected Car Fund to work, backing Zubie Inc. in what executives say is the first in a series of bets on the buzzy space.
The wireless giant’s venture arm led an $8 million round in the vehicle diagnostic startup, with global automotive parts supplier Magna International Inc.MG.T -0.46% and existing investors also participating.
The deal comes at a key time for Nokia NOK1V.HE -0.43% Growth Partners and represents the latest vote of confidence in the tiny Charleston, S.C.-based startup.
Like competitor Automatic Labs Inc., Zubie makes a hardware dongle and provides associated apps that deliver real-time feedback on a vehicle and the driver. The dongle plugs into a car’s steering column and aggregates data about system functions, like fuel and oil levels, before suggesting a tune-up or other action.
Zubie also provides feedback on driving habits and makes suggestions, such as braking more gradually, to increase safety and lower costs.
Unlike Google’s Android Auto–its recently unveiled system for car dashboard displays—and other connected car initiatives, Zubie is not focused on music, voice control or other consumer apps.
For Nokia Growth Partners, which had worked with the company for about a year in conjunction with Nokia’s vehicle mapping and navigation group HERE, Zubie provides “a great entry point” to introduce other services.
“We did a thorough review of the space before investing,” said Nokia Growth Managing Partner Paul Asel, who joins the Zubie board. “Connectivity is really a platform for services.”Mr. Asel said no other investments have been made from the $100 million Connected Car Fund, which Nokia debuted in May, but he said others are planned.
Along with the Connected Car Fund, he said, Nokia Growth Partners is still investing from a $250 million Fund III it raised in 2013. With Nokia as the group’s sole LP, the firm invests for strategic as well as financial reasons.
For Zubie, the investment will allow it to continue improving its product and double its headcount to 40 by the end of the month.
Spun out of Best Buy Co. in 2012, Zubie previously raised a $10 million Series A round from Castrol innoVentures, Comporium and OpenAir Equity Partners. When it closed the round eight months ago at a valuation just south of $35 million, Zubie told VentureWire it was in the process of lining up a series of partnerships.
Zubie Chief Executive Tim Kelly declined to provide an update, but a spokeswoman for the company confirmed the partners were all Fortune 500 companies in the telecommunications, dealership and insurance carrier sectors. The same spokeswoman said those partnerships will be finalized by the end of the 2014
Existing investors Castrol innoVentures, Comporium and OpenAir Equity Partners also participated in the new Series B round.
During the past six months or so, Nokia Growth Partners has made 11 new investments and had three exits, including Alibaba Group Holding Ltd.’s $3.8 billion purchase of mobile browser UCWeb and the IPO of mobile ad tech company Rocket Fuel Inc.
Valuation of the Series B round was not disclosed.
Nokia seems to be doing well with its leaner and reinvented business structure, especially when it comes to expanding its networks business in the Asia-Pacific region. The telecom equipment maker won 12 important deals in India in the first half of the year, involving the modernization of 2G and 3G networks, 4G deployment, WiFi solutions, security solutions and device management. With this, Nokia now leads the country’s 4G LTE market in terms of contract wins.
The deals include a five-year contract with wireless major Vodafone for the modernization of its radio access network equipment and a three-year network upgrade deal with India’s third largest carrier Idea Cellular . Following the recent deals, Nokia is now working with Vodafone in 19 out of the 22 telecom circles in India, and has also become the biggest equipment provider to Idea Cellular in the country. The company has also partnered with other key telecom players such as market leader Airtel, state-owned operators MTNL and BSNL, Uninor, Videocon (for FDD-LTE 4G deployment in six circles), Tata Tele and the Indian railways. Although the Indian 4G market is still in its nascent stages, early contract wins could help the company understand the market better than rivals and gain a competitive edge for future contracts.Following the sale of its handset business to Microsoft MSFT +0.37%, Networks is the largest business division for Nokia, contributing about 90% of the company’s sales and about 50% of the company’s value, according to our estimates. In this division, it is worth noting that Asia-Pacific was one of the only two regions (the other being Greater China, which is reported separately) that reported year-over-year sales growth last quarter, helping the company reverse much of its top-line losses from other geographies, especially Europe. Apart from India, the company has done well in gaining contracts in other regions as well, such as Europe, China and Africa. Going forward, we expect the company’s Networks sales to improve as the recent contract wins start bringing in revenues.
We have a price estimate of about $8 for Nokia, which is slightly ahead of the current market price.At the start of the year, Nokia inked a major deal with Russia’s third largest telecom operator, VimpelCom Ltd., to provide network equipment and services for expanding its 4G network in central and southern Russia, most of the Ural and Volga regions as well as Siberia. The company also renewed its contract with Chunghwa Telecom in December of last year, to help in its capacity expansion. Chunghwa Telecom, Taiwan’s largest telecom player, is looking to launch 4G services very soon and has selected Nokia’s Network division (formerly NSN) as its primary equipment supplier.
In more recent developments, Nokia bagged a five-year deal from Telenor in May to provide radio access network equipment and services to expand its 2G, 3G and 4G network across Europe and Asia. The company also recently signed a deal with Algeria-based Algérie Télécom, to deploy North Africa’s first commercial LTE network.
In China, Nokia has done well in winning LTE contracts with China Mobile and China Telecom, and is on track to become the leading foreign player in the Chinese LTE buildout. In Europe, NSN won two large LTE contracts with Everything Everywhere and Vodafone, which should help stabilize revenues in the second half of the year.
Who would've ever thought that junk would of sold like there's was no tomorrow.You sell quality no one wants it ,you sell garbage and the dumb Americans buy it up.Look how the people live in debt up to their eyeballs and most do not even have a savings,but they have things.
Since Nokia’s mobile division changed owner a couple of months ago, the Finnish company is looking for new ways to improve its income. The Nokia brand is still strong in some parts of the world, despite the fact that the company is not involved in the mobile phone business anymore.
Currently, Nokia is split in three subsidiaries, each of these in different fields of activity: Nokia Networks, HERE and Nokia Technologies.
One of the most prolific of the three, Nokia Networks seems to bring the highest income, but HERE is likely to become a solid source for profit very soon (if not already).
HERE is one of Nokia’s current businesses, which is active in the mapping and location domain. HERE technology, praised by Windows Phone users and Nokia fans alike, is based on cloud-computing model, which means regardless of what operating system one uses to access these services they will be available.
In the last couple of weeks Nokia made some interesting moves that could be defined as attempts, even if weak, to enter the mobile phone market once again.
Even though HERE is a mobile business per se, as the company’s map and location services are now available on Windows Phone, Android and iOS mobile platforms, the company does not have a hardware component so there are no physical products available.
But what if Nokia would start producing physical products like smartphones, smartwatches or other mobile accessories that would help the company rebuild the giant that it once was?
The recent job listings from LinkedIn confirmed Nokia is now looking to hire people that would help the company launch new consumer products, both “physical and digital.” Here is one of the job posts that was recently spotted on LinkedIn:Nokia is establishing a new businesses built on Nokia innovation, focusing on physical and digital products and services for consumers directly or through other customer companies. We have already identified a number of product opportunities where we can make a difference in the market in areas aligned with our vision and where our brand makes a difference, and we continue to look for new opportunities where we can win.”
Another sign that might point to Nokia’s comeback on mobile phone market is the fact that the company recently released an Android application called Z Launcher, which seems to have been very popular among users.
The Z Launcher is the work of a small team that thought the Android launchers available in Google Play Store are not doing enough for users and developed its own solution. If Nokia is still thinking at the smartphone market it means only one thing, the Finnish company is readying its comeback.
If and when that will happen is still a mystery, but I have a feeling that we will know more about Nokia’s plans for the mobile phone market by the end of this year.
I doubt the company will continue to put Windows Phone on its first devices, if there will be such devices, so the only viable way to gain some traction on the smartphone market would be to launch something based on Android OS.
Either way, the first step is the most important. It’s the thing that will define Nokia’s fate and its chance for another top spot in the smartphone business. I do hope Nokia is not yet finished with mobile phones, but I’m well aware that a comeback is hard to achieve so soon.
However, I’ll be watching this space and be amazed by what Nokia’s engineers manage to come up in the future. I suggest Nokia fans do the same, as the company may still have a few surprises under its sleeve.
Nokia Power User has spotted an advert for a head of marketing under Nokia’s “HERE” brand (which clearly it didn’t sell to Microsoft):
“HERE is looking for a Head of Marketing for the Everyday Adventures vertical which is currently developing a stealth product intended to launch in the US for holiday 2014. Under the HERE brand umbrella you will develop the full marketing mix and launch a unique consumer experience around the motivations and needs of an active outdoor lifestyle community globally.”
We’re not entirely sure what a “stealth” product is either, unless Nokia are moving into hunting gear. But what we do know is that “HERE” is the brand Nokia uses for its mapping products – so it perhaps follows that it could be working on something for travel, or some sort of wearable. A GPS system? A smart-watch, perhaps? Or a fitness tracker?
We're not sure, but we'll keep watching for Nokia’s stealth jets in the sky and let you know when we see something. Do feel free to leave your wildest speculation in the comments.
Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) announced on Thursday that it has struck a deal to buy Panasonic Corporation (ADR) (OTCMKTS:PCRFY) (TYO:6752)’s wireless networks business. JPMorgan analysts see this as helping Nokia increase its share of Japanese carrier DoCoMo’s business and potentially in Japan more generally.Nokia, Panasonic don’t release details
Under the terms of the agreement, Nokia will buy Panasonic’s LTE and 3G wireless base station division and also the related wireless equipment system business. Panasonic will transfer the business contracts and fixed assets from these divisions over to Nokia Networks in Japan. Panasonic’s employees in those divisions are expected to go along to Nokia. Both companies expect to finish the agreement by the end of September and close the deal on Jan. 1.
The two companies did not release the financial details of the deal. Nikkei estimated in July that the deal could happen and estimated that the valuation could be in the tens of millions of dollars. As a result, it seems unlikely that Nokia paid a lot for the acquisition, according to JPMorgan analyst Sandeep Deshpande and the rest of the firm’s team. Nikkei reported that the business had approximately $197 million in sales in the fiscal year that ended in March 2013Nokia to see market share increase
In a report dated July 31, 2014, the analysts noted that Nokia is already one of the top three players in Japan’s mobile network equipment market. In 2012, the company ranked in second place with a 24.5% share. When specifically referring to NTT DoCoMo, however, they believe Nokia had a fairly low direct share. This is key because the carrier is Japan’s largest.
The analysts also note that Panasonic has been one of the carrier’s main base station suppliers for 3G and 4G equipment. The company has been reported to hold about a 9% share of the broader mobile infrastructure market in Japan. As a result, Nokia’s plan to buy this part of Panasonic’s business could not only increase its share of NTT DoCoMo’s business but also the overall Japanese market.
They also point out that Nokia and Panasonic have already been collaborating for about the last seven years to co-develop base stations for the Japanese carrier. They maintained their Overweight rating and €25 per share price target on Nokia.
You are obviously a gambler not an investor.Good luck with that.
I also made a bundle on Nokia was impatient at one point but I know Nokia will do very well in the future.Apple took years to accelerate.Takes time for companies to turn around especially when on the verge of going under.under. Realx you will live longer
nysexx are you a shareholder if you are sit back and relax Nokia will reward you if not go haunt another board
It will gain soon enough insiderguy: Nokia Co. (ADR) Company Profile
Consensus Ratings for Nokia Co. (ADR) (NYSE:NOK) (?)
Ratings Breakdown: 3 Sell Rating(s), 16 Hold Rating(s), 17 Buy Rating(s)
Consensus Rating: Hold (Score: 2.39)
Consensus Price Target: $12.49 (52.51% upside)
Analysts' Ratings History for Nokia Co. (ADR) (NYSE:NOK)
Date Firm Action Rating Price Target Details Share
7/24/2014 MKM Partners Boost Price Target Neutral $7.75 - $8.25 View Tweet This Rating Share This Rating on StockTwits
6/23/2014 Raymond James Upgrade Underperform - Market Perform View Tweet This Rating Share This Rating on StockTwits
6/12/2014 RBC Capital Boost Price Target Outperform $9.00 - $11.00 View Tweet This Rating Share This Rating on StockTwits
5/27/2014 Canaccord Genuity Boost Price Target Buy $10.25 - $11.00 View Tweet This Rating Share This Rating on StockTwits
5/21/2014 Deutsche Bank Upgrade Hold - Buy $10.12 View Tweet This Rating Share This Rating on StockTwits
5/21/2014 Jefferies Group Upgrade Hold - Buy View Tweet This Rating Share This Rating on StockTwits
5/9/2014 Zacks Reiterated Rating Outperform - Outperform $8.75 Less