Nokia Sharply Higher After Deal With Apple

Nokia Oyj (ADR) (NYSE:NOK) shares are trading higher by $0.37 (5.7 percent) at $6.58 in Tuesday's session.

The catalyst for the rally is the announcement the company has mended the fences with Apple Inc. (NASDAQ:AAPL) and the companies are now cooperating on new technologies for "digital health initiatives."

See Also: From Frenemies To Friends? Apple Is Now Working With Nokia To Explore Health Tech

In a tight trading range, Nokia's stock peaked one penny above its opening print at $6.65. The ensuing decline has only taken the stock to $6.54 and it has been trading in between those two levels.

That marks the highest level for the issue since January 29, 2016, when it peaked $7.22. Two days later it was at $6.34, when Bank Of America downgraded the stock from Buy to Neutral.