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Replies to post #2257 on Nokia Corporation (NOK)
Nokia's stock is a ripe short-squeeze candidate, with almost all the stock that can be borrowed being on loan," Markit analyst Alex Brog said.
Short sellers scrambled to cover their positions last week after a post on Nokia's German Facebook page said some stores had sold out of its new Lumia smartphones, Brog said.
Nokia, once the world's biggest mobile phone maker and a trail-blazer in the sector, has pinned its hopes on the new Lumia to reverse a decline in smartphone market share lost in recent years to Samsung and Apple.
"The holiday shopping period will be crucial for Nokia, but short sellers are already starting to feel the heat, with the risk looking increasingly on the upside," Saxo Banque senior sales trader Alexandre Baradez said.
"In terms of technical analysis, the trend has turned positive on Nokia's stock, which has crossed above its 200-day moving average. That's quite a bullish signal."
Further strong gains in the stock could prompt short sellers to unwind their negative bets by buying back the shares, which would push prices even higher, triggering a sharp rally called "short squeeze".
