Ericsson Reportedly Working On New Smartphone

Posted in pre-market 
August 16th, 2010

LM Ericsson Telephone Company (NASDAQ: ERIC) is up 1.54% this morning in pre-market trading, raising shares from $10.42 to $10.58.  This movement, however, comes during a 52-week range of $8.94 to $12.39.  The company has also traded 200,200 shares already, compared with their average amount of 6,762,200.

This jump, which indicates a return to recent positive sales for Ericsson, is very likely the result of rumors that the company will be releasing a smart phone/portable gaming device in collaboration with Sony (NYSE: SNE).  This would most likely be a positive move for the company, as smartphone sales have grown at a positive rate recently.

-Michael B. Sauter

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