On July 31, Nokia Oyj rose 3.08% overnight, trading at $9.34/share, with turnover of $604,200. The move was driven by S&P upgrading Nokia's credit outlook from \"stable\" to \"positive\" while confirming the BBB- rating, citing progress in business diversification and stable cash flow performance.

The rating action comes as the stock continues to recover from a sharp post-earnings selloff. Nokia reported Q2 adjusted comparable operating profit of EUR 4.34 billion, up 18% year-over-year and significantly exceeding the market consensus of EUR 3.82 billion. AI and cloud business orders reached EUR 2.8 billion with sales doubling year-over-year, and full-year profit guidance was raised to EUR 2.1-2.6 billion. After peaking near $10.28 following the July 23 earnings release, shares experienced a classic buy-the-rumor-sell-the-news decline exceeding 10% over two sessions before rebounding from the $8.48 level on July 30.

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