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Nokia shares decline after raid from Indian tax authorities – AAPL, VOD & 0013

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Northern, WI 1/10/2013 (usmarketbuzz) – Finland based phone making company Nokia Ojy (HEL:NOK1V) which is struggling to improve its the rapid and persistent fall in its sales lost up to 6.5% of the value of its shares. This depletion in the value of shares immediately followed the inspection of its Chennai unit Indian Tax Officials.

The shares of Nokia Ojy (HEL:NOK1V) dropped by 3.07 Euros in Helsinki trading. The stock which has fallen for five consecutive years now has tripled in value since July when it hit rock bottom.

The Indian tax officials who raided the Nokia Ojy (HEL:NOK1V)’s Chennai unit in southern India accused the company is involved in evasion of tax liability as much as $545 million.

Nokia Ojy (HEL:NOK1V) confirmed the news of the raid but James Etheridge an official spokesperson for the phone maker refused to comment on financial details and any other queries.

Nokia Ojy (HEL:NOK1V)’s statement however said that they have served the Indian market since 1995 and have been cooperating with the country’s tax authorities since. The tax evasion charges are another crisis after the loss of its market share to Apple Inc (NASDAQ:AAPL) and Samsung Electronics. Its total cash reserves reduced by 50% in the past five years i.e. a total drop of 4.2 billion Euros till the end of June.

Although a recent legislation by the Indian government allows retroactive tax payments  Prime Minister Manmohan Singh’s tax panel set up in July clearly refutes that law.

Vodafone Group (LON:VOD) is also facing some music over tax issues regarding the acquisition of Hutchison Whampoa Ltd (HKG:0013) by Vodafone (LON:VOD) in 2007. According to the tax panel the final amount which Vodafone Group (LON:VOD) might have to pay is $2.2 billion.

Shares of Nokia Ojy (HEL:NOK1V) is at  €3.00.

Shares of Apple Inc (NASDAQ:AAPL) is down by 1.56% to close at $517.10.

Shares of Vodafone Group Plc (LON:VOD) were up by 1.44% to close at  £164.74.

Shares of Hutchison Whampoa Ltd (HKG:0013) were up by 1.63% to close at $84.40

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Top 3 Gainers: Zynga (NASDAQ:ZNGA), Eros International (NYSE:EROS), Borqs Technologies’ (BRQS)

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Zynga (NASDAQ:ZNGA) is up 2.5% after Benchmark reiterated its Buy rating in a look-ahead at Q2 earnings. The firm’s expecting a beat and solid guidance for Q3, and it’s raising its guidance for the fiscal year.

Tailwinds from the pandemic won’t dissipate easily, Benchmark suggests, and the videogame maker’s acquisition of Peak (and with it new “forever franchises” in Toon Blast and Toy Blast) will drive audience, bookings, margins and free cash flow, it says. The firm has an $11 price target, now implying 14% upside.

Eros International (NYSE:EROS) is up 5.8% today, making up the last week’s lost ground, after news that its streaming service Eros Now is partnering with Sony India (SNE +2.3%).

That will mean Eros Now’s app is pre-installed on selected Sony smart televisions in India, along with availability on a large base of existing models (Bravia E series and newer).

The country over the past year has seen a 25% growth in demand for smart TVs, fueled by overall industry growth of 15%, to a record 15M units/year.

Borqs Technologies’ (BRQS) personal safety tracker sees strong market with increased orders from the electronics retail chain in the US.

The boost in product demand comes ahead coronavirus pandemic that provides company to expect delivery of 250K units this year. It reflects over 3x the volume delivered in 2019, the year of its launch.

Borqs’ mobile personal safety devices designed particularly for senior citizens come with panic button, location tracking, and fall detection.

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Tesla, Inc. (TSLA): US agencies investigate fatal Tesla Model 3 crash in Florida

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American safety officials are looking into the circumstances surrounding another fatal Tesla, Inc. (TSLA) crash. Both the NTSB and the NHTSA have confirmed that they’re investigating a collision between a Model 3 and a semi truck in Delray Beach, Florida on March 1st. According to the police report, the truck was turning left to enter a main thoroughfare when the Model 3 crashed into the semi’s trailer, shearing off the car’s roof and killing the driver. It’s not certain if Autopilot was active, although the Model 3 kept traveling for more than 500 yards before coming to a stop.

Why ASDN Could Massively Outperform TSLA in 2019

Tesla said in a statement that it was “deeply saddened” about the collision and was “reaching out” to authorities to cooperate. The NTSB added that it typically takes one to two years to complete investigations like this.

This certainly isn’t the first time US safety agencies have investigated Tesla crashes to determine the possible role of Autopilot. However, there are unusually close parallels to a deadly incident from May 2016, when a Model S driver in Florida struck a trailer. His vehicle had Autopilot engaged and also kept going a significant distance after the crash, although investigators cleared Tesla and noted that the driver in that case ignored safety warnings. While the particular circumstances are different, it wouldn’t be out of the question for agents to compare the two cases.

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Amazon (NASDAQ:AMZN), Qualcomm (NASDAQ:QCOM) Are In News On Monday

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Evercore raises its Amazon (NASDAQ:AMZN) price target from $1,800 to $1,965 saying that gross profit has become a “more important indicator” than Y/Y revenue growth.

Key quote: “As such, we remain bullish on AMZN at least in part because the company’s gross profit is expected to grow ~400bps faster than revenue for AMZN over the next 3 years.”

Why Investors Are Calling ASDN the AMZN of the Sky!

Amazon shares are up 0.9% pre-market to $1,686.

Qualcomm (NASDAQ:QCOM) alleges in a San Diego federal court that Apple (NASDAQ:AAPL) violated three of its patents and asks for tens of millions of dollars in damages.

Qualcomm has filed a series of patent actions against Apple around the world that will conclude before the antitrust trial starting in April, which will hear Apple’s challenge to QCOM’s business model.

Have you seen the article Forbes wrote about the ASDN Flying Passenger Drone and its technology?

U.S. District Judge Dana Sabraw will open an eight-day trial today deciding whether Apple violated Qualcomm’s patents with its iPhones that contain Intel (NASDAQ:INTC) chips.

Qualcomm shares are up 0.8% pre-market to $54.65.

Apple shares are up 0.5% to $175.88.

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