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Shares of Nokia (NOK) surged today, closing up 36 cents, or 12%, at $3.31 after the stock went as high as $3.40 at one point.

Although there was no obvious news item to drive the shares, one Street observer with the sell side who’s been in touch with multiple hedge funds notes in the last 48 hours notes that the stock had been heavily shorted of late, and that there appears to have been substantial short-covering as anecdotal evidence emerged of stronger-than-expected sales of Nokia’s recently released “Lumia 920” handsets running Microsoft‘s (MSFT) “Windows Phone” software.

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