News Update:Nokia Siemens Network Clinches $7B Wireless Broadband Development Contract (NOK)

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Joint venture of Nokia Corp (NYSE:NOK) and Siemens Network, Nokia Siemens Networks, has won a $7 billion, eight-year long US contract to install and operate a wireless broadband network for telecom network company LightSquared. Nokia Siemens Networks will develop and design a broadband network that the venture hopes will cover cellular base stations reaching 92% of the US population by 2015. Company CEO Rajeev Suri said, "Nokia Siemens Networks is proud to have been selected for the largest-ever outsourced deployment of a wireless network in the United States." SmarTrend alerted subscribers to take profits in Nokia on April 22, 2010 at $12.89, since then the stock fell 30.6%. Nokia is currently below its 50-day moving average (MA) of $9.39 and below its 200-day MA of $12.56. In the last five trading sessions, the 50-day MA has fallen 3.17% while the 200-day MA has slid 1.22%. Shares of the mobile-based corporation are trading up 2.15% Tuesday morning at $9.01.