Nokia is trading 4.56% down now at $10.29 after reports that it plans to close its Hangzhou R&D center, eliminate approximately 1,600 positions, and shut nearly all mainland China sites by year-end.
- Reuters reported the restructuring was disclosed by the South China Morning Post, citing sources familiar with the situation.
- Broader risk-off trading, including a 1.35% Nasdaq decline, is adding pressure.