Nokia Surges Following Announcing the Search for a Buyer of its Business Support Systems Unit

Nokia NOK, a maker of telecommunications hardware and infrastructure, received quite a boost to its share price as investors sought to capitalize on the company's gain. The company was reported to be seeking buyers for its business support systems unit Thursday morning. Nokia CEO Stephen Elop said the company was seeing “good interest” in the unit according to Reuters, boosting investor hopes of a return from the sale. Following Nokia's announcement of its much anticipated Lumia 920, the company's share price slumped following investors' pessimistic outlook on the phone's presentation. The Lumia 920 is Nokia's flagship smartphone offering and has been touted both by analysts, and by executives, as the company's best shot at making a comeback. One of the first devices to be equipped with Microsoft's MSFT Windows Phone 8 operating system, the Lumia 920 has a 4.5 inch screen, among a slew of innovative camera features. While the phone's presentation played well on its aesthetics, Microsoft decided not to release any of the details of Windows Phone 8 until the operating system's official release. Nokia also did not include any release dates or pricing guidelines for its new smartphone offerings, further disappointing investors. Following Apple's AAPL climatic release of its iPhone 5 on Wednesday, Nokia lost most of the gains it had made earlier in the day. However, because Apple's offering wasn't anything more than expected and due to recent asset sale efforts, Nokia's stock rallied back to its week-long highs Thursday. Other factors in Nokia's rally could include the looming lawsuit between Samsung and Apple. Following its recent defeat in court to Apple, Samsung has vowed to bring a lawsuit over Apple's use of LTE technology for which Samsung holds patents on. This continuing legal battle is expected to bring in more of the Android handset makers in the near future. With the backers of Android and iOS butting heads so violently, Nokia's heavy investment in Windows Phone 8 beings to look more and more attractive. With Nokia focusing on its core business model and looking to liquidate certain other assets, the company is signaling that its serious about becoming a respected brand in the handset world once again. Shares of Nokia closed at $2.94 Thursday, up 6.91 percent.