Shares of Finnish telecom equipment specialist Nokia (NYSE: NOK) and Swedish industry peer LM Ericsson (NASDAQ: ERIC) are soaring on Wednesday, but not because they are doing something right. The stocks gained as much as 86.8% and 27.3%, respectively, because they were swept up in a wave of trading directed by online day-trader communities on platforms such as Reddit and Twitter.
Nokia actually had a bit of real news today. In the early morning hours, the company said it had deployed a 1-terabit 5G network in a trial with Finnish telecom Elisa. That was good for a 14% jump in the morning session.
That tidbit of actual business news was drowned out when the Reddit crowd arrived at 11:30 a.m., EST. The stock surged more than 80% higher in 15 minutes on a massive spike in trading volume.