On Friday, Moody's ratings agency downgraded Nokia's debt grade to junk status, noting greater-than-expected pressure on the company's earnings.

Nokia's shares on the New York Stock Exchange are in the gutter for a company of its size. However the market appeared to react favorably to plans to resize the company, with investors pushing up its share price by $0.13 in late afternoon trading, to $2.48.

Major exchanges and indexes in the U.S. as well as tech stocks rose in late afternoon trading despite fears that Greece's elections on Sunday could put into power politicians who will call for an exit from the euro zone, leading to a collapse of the monetary union. Some analysts noted that investors may have been heartened by media reports that central banks have been working hard to prepare to take coordinated, protective action in response to the elections.

In late afternoon trading, Nasdaq computer stocks were up 1.39 percent in aggregate. However, they are still about 10 percent lower than their high point of the year. Meanwhile, tech investors are hoping for Red Hat and Oracle to provide some good news on the enterprise front when they release their quarterly earnings reports next week.