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© Nokia Electronics Production | June 01, 2011

Nokia shares continue land slide

Nokia shares fell 9.6%, extending yesterday's 18% fall. The stock is now trading at the lowest level for more than 13 years.
This comes on the heels of yesterday's announcement that mobile phone sales for the 2Q/2011 would be 'substantially below' what was previously forecasted. Furthermore, Nokia also said that it had full-year outlook would also be abandoned. "Nokia believes it is no longer appropriate to provide annual targets for 2011."

"We would continue to avoid the stock as Symbian smartphone sales are falling off faster than expected and we are skeptical that new Windows Phone models will be able to replace lost profits," Gleacher & Co analyst Stephen Patel is cited in a Reuters article.

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