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Nokia handset sale hammers hedge funds

Reuters – Hedge funds betting that the collapse in Finnish telecom group Nokia’s share price would continue got a rude surprise on Tuesday, and their rush to unwind their bets left the stock eyeing a record daily gain.

Nokia shares, which are down 93 percent from a 2000 high of 65 euros, rose nearly 50 percent on news the firm would sell its handset business to U.S. group Microsoft, a move analysts said should lure back longer-term investors.

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