Nokia Corp.'s (NYSE: NOK) positive third-quarter results (see Nokia Reports Q3), although widely expected, proved to be a bright spot for analysts in search of some good news on the wireless front.

The company posted profit of €610 million (US$598 million) for the quarter, compared with €186 million a year earlier.

Nokia's stock, listed on NYSE as an ADR, rose $1.60 (10.67%) to $16.60.

"Nokia's further performance is likely to be underpinned by the outlook for 2003," Richard Windsor, communications equipment analyst at Nomura Holdings Inc. wrote in a research note. "The signs are good."

And, of course, that is likely to mean better days for Nokia suppliers like RF Micro Devices Inc. (Nasdaq: RFMD). "We believe a sustained round of earnings upgrades from the market is likely to follow," Windsor says.

— Dan Jones, Senior Editor, Unstrung
http://www.unstrung.com