Nokia Stock (Screenshot of Markets & Me)

The dust is still settling on the huge news that Microsoft has begun proceedings to purchase Nokia's devices and services business for €5.44 billion. Whilst it's still far too early to know how this will affect consumers, developers and other OEMs in the Windows Phone space one thing we can see for sure is how the stock market is reacting.

Nokia stock as of 10 AM ET, 09/03/13

Nokia is up a huge 37% at the time of writing (although this was closer to 45% no more than an hour ago) and it's anyone's guess as to exactly where the valuation will fall by the close of trading today. Suffice to say though that if you're a Nokia shareholder this morning you're already quite a bit better off than when you went to sleep yesterday.

Is this reaction due to the prospects of the pay-out if and when the sale completes? Are shareholders instead keen to see Nokia's business streamline to some of its more profitable areas? Or is it simply the fact that there is a new CEO taking the helm as part of this sale? I can't claim to be an expert in the stock market but we'd love to hear your thoughts below. In the meantime keep it locked to Windows Phone Central where we'll be discussing all the nuances of this acquisition from a developer and consumer's point of view in the coming hours.