Moderately bullish activity in Nokia with shares up 2.47%

Moderately bullish activity in Nokia (NOK), with shares up 26c, or 2.47%, near $10.56. Options volume running well above average with 82k contracts traded and calls leading puts for a put/call ratio of 0.31, compared to a typical level near 0.28. Implied volatility (IV30) is higher by 3.6 points near 69.35, in the highest 10% of observations over the past year, suggesting an expected daily move of $0.46. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Buy at BofA.Looking ahead: Nokia (NOK) will report earnings before the open on 2026-04-23.Option markets are pricing in a 50% probability of a move greater than 11.41% or $1.21.