Analyst Update: Nokia, Micron Tech, Chesapeake Energy

Analysts are weighing in today on telecommunications firm Nokia Corporation (ADR) (NYSE:NOK), chipmaker Micron Technology, Inc. (NASDAQ:MU), and commodity stock Chesapeake Energy Corporation (NYSE:CHK). Here's a quick roundup of today's brokerage notes on NOK, MU, and CHK.

• NOK is down 12.1% today at $6.33, as Wall Street weighs in on the company's patent-dispute settlement with Samsung. The losses put the shares 16.7% below breakeven on a year-over-year basis, and Canaccord Genuity is now tempering its expectations. The brokerage firm lowered its outlook to "hold" from "buy," while cutting its price target to $6.50 from $10. More downgrades could come, too, since seven out of 13 analysts still say Nokia Corporation (ADR) is a "strong buy." 

• MU has shed 2.6% at $10.74, despite an upgrade to "neutral" from "sell" at Goldman Sachs, which also removed the stock from its "Americas Sell" list. However, the brokerage firm did cut its price target to $11 from $13. The stock has been trending lower over the past 12 months amid overhead pressure from its 20-week moving average, touching a two-year low of $9.31 on Jan. 20. These losses have brought short sellers to the table. Specifically, over the two most recent reporting periods, short interest surged by 13.5%. 

• CHK is again on the way down, dropping 7.4% to $3.13, due to a sell-off in crude futures and a price-target cut to $6 from $7 at SunTrust Robinson, which weighed in on a bevy of oil stocks. The gas stock's epic demise -- it's trailed the S&P 500 Index (SPX) by nearly 52 percentage points over the past three months -- has led to extremely bearish tendencies from speculators. For instance, Chesapeake Energy Corporation's 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) stands at 4.19 -- which is higher than 99% of all similar readings from the past year.