Up 20% on 4.4 Million Lumia Sales, Is It Time to Short Nokia?

Now, that's more like it. After a number of rumors -- some good, some bad -- regarding Nokia's (NYSE: NOK  ) Lumia smartphone sales results, CEO Stephen Elop finally gave shareholders something to hold onto. Nokia's preliminary earnings announcement on Jan. 10 was sweet music to the ears of its fans, who've been waiting for a sign that Elop's strategic business shift is taking hold.

Though still early in the game, based on early returns, Nokia's decision to move full steam ahead in the Microsoft (Nasdaq: MSFT  ) Windows 8 direction appears to be working. Smartphone sales results, along with some great news out of the sometimes-neglected Nokia Siemens Networks, drove Nokia's share price through the roof yesterday, and rightfully so. But after 20% appreciation in a day, and over 133% the past six months, is Nokia's share price getting ahead of itself?

First, the good news
The question everyone wants answered heading into Nokia's Jan. 24 earnings call is "How are the Lumias doing?" In addition to Lumia sales, results from Nokia's line of Asha phones, the introduction of its mid-level 620, and even some of those old-school phones running its Symbian OS, all added up to a solid Q4. Total mobile phone sales were just shy of 80 million for Nokia's recent quarter, of which 9.3 million were Asha full-touch smartphones.

Of the 15.9 million smartphones Nokia sold in Q4 of 2012, 4.4 million of the units were Lumia phones running Windows 8, which handily beats expectations. The Lumia results are also a win for Microsoft, as concerns about widespread adoption of Windows 8 are becoming moot. From Nokia's perspective, Elop put it this way, "We focused on our priorities and as a result we sold a total of 14 million Asha smartphones and Lumia smartphones while managing our costs efficiently, and Nokia Siemens Networks delivered yet another very good quarter."

There are two things Nokia proponents should take from Elop's statement, beyond the solid Asha and Lumia sales for the quarter: (1) Nokia's concerted cost-cutting efforts, something Elop focused on in 2012, are beginning to pay off across multiple business units. (2) Nokia Siemens is growing and generating a nice little profit, and continues to provide Nokia, and Elop, time to execute its aggressive smartphone plans.

All those Lumia and Asha sales drove yesterday's share-price pop, but Nokia's device and services (phones, primarily) unit also sold 80 million phones and it appears it will already generate a positive operating margin in Q4, possibly as high as 2%, according to Elop.

Reasons for caution
Smartphone sales, strong results from Siemens, and positive cost-cutting efforts warrant Nokia's positive buying spree yesterday. But Elop's preliminary Q4 announcement wasn't all wine and roses. The first quarter of 2013, according to Elop, will be pressured by "seasonality and competitive environment," negatively impacting the profitability of its devices and services unit.

And while selling 4.4 million Lumia units is an outstanding result in Q4, beating Nokia's own estimates, it should be put into perspective. Samsung just reported selling 62 million Galaxy phones in Q4. Google's Nexus phone lineup appears to be doing well since its release  last year; tracking over a 1 million units sold right out of the gate, And Google's Android OS continues to dominate the world's smartphone operating systems.

Clearly, Nokia is just getting started, so taking significant smartphone market share from the likes of Samsung, Apple, and Google, won't happen overnight. It's still important, however, to recognize the size of the hill Nokia has to climb prior to making your investment decision, one way or the other.

It's the guidance for Q1 of 2013 that may have some itchy Nokia shareholders, particularly after enjoying its 133% jump in value for the past six months, thinking about taking profits. It's tough to blame the line of reasoning: Doubling your investment in six months will get most anyone thinking about cashing out. But before placing your Nokia sell order, here are a couple of additional considerations.

Should I stay, or should I go?
Exceeding Lumia sales expectations is a huge win for Nokia, make no mistake. But what makes Nokia a sound mid- to long-term growth and income investment opportunity goes beyond yesterday's announcement. It wasn't long ago that Elop alluded to expanding Nokia's relationship with Verizon to include selling Lumias, just as AT&T does. Add the potential sales volume Verizon offers with China Mobile agreeing to subsidize Lumias for its 700 million customers, and Nokia's 4.4 million Lumia units is just the beginning.

Though not huge in and of itself, a new deal with Avanade will help Nokia expand in the enterprise market, as more employers allow personal smartphones in the workplace. Enterprise computing is expected to be an area of growth in 2013, according to Gartner, and even a small piece of the enterprise pie is a positive for Nokia. A profitable Siemens Network, strong balance sheet, a 5.6% dividend yield, and its outstanding patent portfolio, will keep Nokia moving in the right direction for years to come.

Nokia shareholders with a mid- to long-term investment time horizon shouldn't give up yet. Nokia's return to prominence is just getting started.

Nokia's been struggling in a world of Apple and Android smartphone dominance. However, the company has banked its future on its next generation of Windows smartphones, and early indications look favorable. Motley Fool analyst Charly Travers has created a new premium report that digs into both the opportunities and risks facing Nokia to help investors decide if the company is a buy or sell. To get started, simply click here now.


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  • Report this Comment On January 12, 2013, at 3:38 AM, kthor wrote:

    has room to grow more and $$

  • Report this Comment On January 14, 2013, at 3:27 AM, 126688 wrote:

    First off, many reported Nokia was going bankrupt, that is why Nokia stock has been this cheap.

    And in the two days before Nokia reported profitability, the stock first came down about 12% before it climbed back that 20% after the positive report. So, I don´t think that 20% gain is that much after all!

  • Report this Comment On January 14, 2013, at 3:40 AM, 126688 wrote:

    And let´s face it, Nokia bears estimated that Nokia was going bankrupt and even most of Nokia bulls estimated that the company would return to profitability only at the second half of 2014.

    Now, Nokia has made an amazing improvement.

    When analysts´s estimation was still big loss in Nokia for 4Q, the stock was already about $4.35, and now the stock is only about $4.70 after profitability. Again, I don´t think the gain is big at all!

    On the opposite, I think the gain in the stock is still incredibly small, and it has plenty of room to go up from here.

  • Report this Comment On January 14, 2013, at 3:43 AM, 126688 wrote:

    Nokia launched Lumia 920, Lumia 820 and Lumia 620 in India a few days ago.

    Lumia 920 and Lumia 820 were available right away, and Lumia 620 will be available starting early February.

    Nokia Lumia 820 and 920 off to a good start in India, comes with Portico pre-installed

    Major retailers like UniverCell and Sangeetha confirmed that both Lumia 920 and 820 were seeing excellent traction with a UniverCell store manager telling them it was outselling all other flagship smartphones.

  • Report this Comment On January 14, 2013, at 3:44 AM, 126688 wrote:

    Nokia´s Asha phone line still has plenty of room the grow, because the prices of the phones are competitive (even a lot cheaper than cheapest androids) and Asha phones have now more and more smartphone features. Addiontionally, added values to consumers in the Asha phones, such as free music and free games, are big selling points.

  • Report this Comment On January 14, 2013, at 3:48 AM, 126688 wrote:

    Windows Phone has hit 7% in smartphone market share in Russia

    Euroset, Russia’s largest mobile phone retailer, has shared some market intelligence withHi-Tech Mail.Ru.

    The information does not only cover their operation, but the whole Russian market, which is about 12-13 million smartphones big in 2012.

    They reported that Windows Phones took 7% of Russia’s market in 2012.

  • Report this Comment On January 14, 2013, at 3:52 AM, 126688 wrote:

    IDC Analyst thinks Nokia will be profitable throughout 2013.

    IDC Analysts Francisco Jeronimo spoke to Bloomberg’s “The Pulse” show and there was generally positive about Nokia and Windows Phone.

    He expected Nokia to remain profitable throughout 2013, mainly due to the company being a lot smaller, and praised Stephen Elop for being responsible for making the company a lot more innovative and executing well at an incredible pace.

  • Report this Comment On January 14, 2013, at 3:53 AM, 126688 wrote:

    Lumia 505, $276 (3499 Mexican pesos) has sold very well in Mexico.

    Clove UK experiencing shipping delays from Nokia as they sell out Lumia 920 stock once again before it arrives.

    Nokia Lumia 920, 620 coming to Three UK in February

  • Report this Comment On January 14, 2013, at 3:54 AM, 126688 wrote:

    Comscore has released some numbers for the 3 month period up to November 2012, and it shows that 5% of smartphone users in the EU5 countries (France, Germany, Italy, Spain, United Kingdom) are using Windows Phones, a population which increased 16% over the last year.

    With a smartphone population of about 131.5 million users, that results in about 6.5 million Windows Phone users in the big 5 European countries, nearly double the number according to the latest Comscore US numbers, where there are around 3.7 million Windows Phone users. With a population of around 315 million people the EU5 countries have a population close to that of the US.

  • Report this Comment On January 14, 2013, at 4:01 AM, 126688 wrote:

    When the market feels a company will go out of business (as has been the case with Nokia), then it discounts the stock to such an extent that the price/sales ratio falls really low. As such, with special situation, turnaround story stocks, let´s look at price/sales because it gives us some idea of where a stock might go, if the company restructured and turned around and was fully valued by the market.

    So let's look at selected price/sales ratios below:

    Nokia Apple Intel Microsoft Cirrus Logic

    0.33 3.1 2 3.11 3.76

    Please note that Nokia is currently selling at 0.33 price/sales ratio. This means that if the company manages to restructure and return to normal profitability, the stock has the potential to become a 10x bagger (even from today's price levels) - assuming the market will value Nokia 3.1x sales like Apple or Microsoft. But even a price/sales ratio of 2, like Intel has, means a 6x bagger from these levels.

    The company is continuing to perform quite well in a very difficult environment and is on track with its restructuring efforts. G.K.

  • Report this Comment On January 14, 2013, at 4:03 AM, 126688 wrote:

    Short position numbers in NOK:

    NYSE, 12/14/2012

    280 869 950 shares

    Helsinki, 1/9/2013

    12.2% (with investors over 0.5%, below 0.5% not listed because of EU rules).

    Nokia´s total share number (approximately 3.75 billion shares) covers both New York and Helsinki.

    That makes the sort interest in NOK around 20%! And the numbers even increased from the prior two weeks.

    Nokia is a very good candidate for a big short squeeze, because the stock has been over sold.

    Nokia is the most short sold stock in both Helsinki and New York!

  • Report this Comment On January 14, 2013, at 4:05 AM, 126688 wrote:

    Nokia has become a "penny stock", just because

    people thought it was going bankrupt.

    Now, when Nokia shows it is here to stay, the stock will easily triple.

    The reason is quite simple, NYSE tech stocks are at least 2x book value, while Nokia is way much below that. The stock already hit $4.35 a few weeks ago when nothing was sure about Nokia´s 4Q, and now when Nokia is already profitable, the stock is still almost the same price as a few weeks ago.

    The reason is, Nokia has been short sold a lot.

    The short squeeze will come, and the gain in the stock will be big.

    Only a couple of years ago NOK was still about $15.

    Nokia, which has come down more than 90% from its highest, is really worth consideration.

    Nokia used to be over $40, now even with profit Nokia is only over $4. Think about it!

    Nokia has spent in R&D alone over $55 billion, now its market cap is only about $17 billion.

    NYSE tech stocks are on average about 2X book value, while Nokia is still much below that.

  • Report this Comment On January 14, 2013, at 4:08 AM, 126688 wrote:

    At this price, NOK is extremely undervalued.

    Morningstar´s analysis about Nokia:

    Estimated price: intellectual properties over 1 euro per share (Motorola´s patent portfolio was worth about $5.5 billion); other business parts (smartphones, featurephones, NSN) at least over 1.50 euro per share.

    And NAVTEQ´s price not included (Nokia bought NAVTEQ with 5.7 billion euro). All in all, even in this case, Nokia share price would be at least over 2.50 euro, excluded NAVTEQ! And Nokia´s net cash is now 3.6 billion euros.

    In other words, the sum of parts of Nokia and net cash are worth much more than its market cap now, which means NOK share is right now heavily undervalued.

    Nokia Is Extremely Cheap

    The company has since partially offset these fears with excellent cash management, restructuring aimed at reducing costs, and more recently, its better than expected 3rd quarter results. The company achieved operational profitability (1.1% non-IFRS) with better than expected revenues, triggering a 20% increase in stock price. As the table below shows, these factors have enabled Nokia to maintain a healthy interest coverage ratio and quick ratio (nearly equal to the industry average), dispensing any immediate liquidity concerns.

    Company

    Industry

    Sector

    Quick Ratio (MRQ)

    1.16

    1.62

    1.64

    Current Ratio (MRQ)

    1.28

    1.96

    3.01

    LT Debt to Equity (MRQ)

    48.76

    22.29

    10.61

    Total Debt to Equity (MRQ)

    66.45

    39.67

    19.69

    Interest Coverage (TTM)

    4.9

    4.91

    164.78

    Figure 1: Financial Strength/ Reuters

    Valuation

    Nokia is currently operating at a loss and the sell side expects the company to become profitable, somewhere in 2014. The stock is very volatile, as can be assessed from the 100% run in the last 6 months. I believe Nokia’s share price will continue to fluctuate with short term catalysts and it’s still pointless to value the stock on 2014 earnings given the uncertainty. Instead, investors should value the company on a worst case scenario. I believe at this point, Nokia’s biggest assets are its impressive patent portfolio, Cash, NSN and Navtaq.

    I have used three recent patent sales to get an approximate value per share for Nokia’s current patent portfolio.

    $ millions

    AOL (AOL) Patent Sale

    Vringo (VRNG) Purchase

    Nortel Networks

    No. of Patents Sold

    800

    500

    6000

    Sales Value

    1100

    22

    4500

    Price Paid Per Patent

    1.4

    0.0

    0.8

    No Nokia Patents

    9500

    9500

    9500

    Patent Portfolio Value

    13063

    418

    7125

    Shares Outstanding

    3830

    3830

    3830

    Per Share ($)

    3.4

    0.1

    1.9

    Average Price Per Patent

    0.79

    Average Patent Portfolio Value

    7316

    Average Per Share Value ($)

    1.91

    Figure 2: NOK Source: Google Finance

    As the calculations show, the patent value per share of Nokia’s patents comes down to $1.91 per share. According to Nokia’s disclosures, the company ended Q3 with gross cash of $11.5 billion (EUR 8.8 billion). The Q3 results also indicated that Nokia had EUR 288 in currently maturing debt and EUR 1.1 billion in short term borrowing. Deducting other liabilities, we arrive at a net cash position of $4.7 billion (EUR 3.6 billion). This comes down to a per share amount of $1.22, and adding the per share patent value of $1.91, the value of cash and patents together is $3.13.

    Bottom Line

    Nokia still trades way below its salvage value. The company’s patents and net cash, alone are worth $3.13 per share. This of course does not include Nokia’s Navtaq business and NSN (Nokia Siemens Network). These divisions continue to be profitable, despite problems of Nokia’s smartphone division. In Q3 NSN sales were EUR 3.5 billion and operating profit was EUR 323 million; the operating profit of location and commerce segment was EUR 37 million. The combined value of Navtaq (3x sales for $3 billion) and NSN (0.5x sales for $7 billion) is around $10 billion ($2.6 per share). This gives us an approximate per share value of $5 for NOK. Therefore, Nokia is still trading at a discount to its salvage value and is an excellent value opportunity. M.S./SmartEquity

    Usually, NYSE tech stocks are at least 2X valuated value. In this case, NOK share price should be at least around $10.

    NOK is so cheap, because the stock has been over sold.

    Nokia is the most short sold stock in both Helsinki and New York!

    Nokia is a good candidate for a big short squeeze!

    Important to note:

    Usually, NYSE tech stocks are at least 2X valuated value. In this case, NOK share price should be at least around $10 right now.

  • Report this Comment On January 14, 2013, at 4:09 AM, 126688 wrote:

    Nokia is actually a BUY and hold for 2013.

    Reasons:

    1. China Mobile deal

    2. Nokia is now getting royalty payment also from RIM

    3. Lumia 920 is heading to more markets

    4. Budget WP8 phone Lumia 620 is hitting the markets this month

    5. Nokia is likely launching a tablet. I don´t expect much, but even some Nokia´s loyal fans around the world will buy some Nokia´s tablets, that is a good gain for Nokia.

    6. According to CEO Stephen Elop, Nokia is planning a lot of interesting things with Verizon!

  • Report this Comment On January 14, 2013, at 4:10 AM, 126688 wrote:

    Nokia has a brighter future than RIM

    1) BB10 is a bit late!

    2) RIM has been strong in enterprise business, but now RIM will face

    more than tough competition. For example, In China China Mobile sells the Nokia Lumia 920T for 4599 yuan with free wireless charging pad or other accessories, which means the phone costs only 4000 yuan. The phone is very much cheaper than iPhone 5 or Galaxy Note 2.

    In addition, the Lumia 920T has premium malware virus protection hardware built in.

    Therefore, will RIM´s highest end BB10 phone able to compete the price with this Lumia 920T? I really doubt that. And with a 2-year contract, China Mobile offers the Lumia 920T with only 1 yuan!

    3) RIM´s loyal fans will still support BB10 phones, but will that be enough?

    4) Beside Apple and Samsung, RIM will have to compete also with Nokia.

    Now, Nokia with WP8 is in quite a big step ahead of RIM with BB10.

    Nokia has competitive low price point Asha phones and also competitive high end Lumia phones,

    so can RIM do the same?

    5) RIM will still need to use a lot of money in R&D and marketing in the future, while Nokia

    is saving money in R&D and marketing, because MS shares the expenses.

  • Report this Comment On January 14, 2013, at 4:15 AM, 126688 wrote:

    Conclusion is, Nokia is to buy and hold it for long term or medium term

    Nokia´s current 3.6 billion euros net cash should be enough for Nokia´s transitional period before WP8 phones take off.

    Nokia is also getting more cash from convertible bonds and selling its headquarters and other non-core assets.

    1. Nokia Siemens Networks is profitable and growing strongly (over 300 million euros profit in 3Q). Nokia and Siemens have decided to make it independent in these few years, therefore Nokia shareholders will have two companies´ shares in their hands, quite a good bonus.

    2. Navteq is profitable as well, and it is expanding its business as the world´s leading maps maker, with City Lens and Earthmine´s 3D mapping, Nokia will have a bigger slice of this pie yet.

    Right now, Navteq already has big clients such as Yahoo, Facebook, Amazon, Mozila, Oracle and almost countless car companies. Navteq just reported it is building navigators into 4 out of 5 cars (80%), with the new cars with navigator built in.

    3. Nokia´s patent portfolio earns about 500 million euros a year.

    Samsung is paying Apple for intellectual property rights; HTC is paying Apple; Vringo is suing ZTE; Nokia is suing HTC; Ericsson is suing Samsung; and APPLE IS PAYING NOKIA FOR INTELLECTUAL PROPERTY RIGHTS!

    Thus, it is only a matter of time when Nokia will sue Google and Samsung, if they still don´t agree to pay Nokia for its patents.

    4. Nokia´s Asha phones are doing well.

    5. New Lumia generation looks promising.

    Lumia 920 has advanced features like:

    Floating-lens PureView camera with optical image stabilization, which records stable vids and takes great low-light photos

    Wireless charging

    Super bright and sensitive screen that can be used with gloves or finger nails

    Premium GPS that can be used also without internet

    Augmented reality City Lens!

    Free music with no ads

    NFC

    Rich sound recording in vids

    Fastest screen on a smartphone!

    Wireless Purity Pro headphones

    Wireless speaker that can charge your phone wirelessly

    LTE

    Nokia also bought Scalado, the imaging technology firm in Sweden. Therefore, apart from NAVTEQ and NSN, Nokia is no doubt going big with PureView imaging technology. Some authors compare Nokia to Kodak, I think it is almost the opposite.

    Kodak was the old era and Nokia is starting the new evolution with smart-phone imaging, when consumers won´t have to carry another gadget (camera), for example during traveling.

    6. Considering now Nokia´s Devices & Services have come back to profit,

    Nokia´s current 3.6 billion euros net cash should be enough for Nokia´s transitional period before WP8 phones take off.

    Nokia is also getting more cash from convertible bonds and selling its headquarters and other non-core assets.

    Morningstar´s analysis about Nokia:

    Estimated price: intellectual properties over 1 euro per share; other business parts (smartphones, featurephones, NSN) at least over 1.50 euro per share.

    And NAVTEQ´s price not included (Nokia bought NAVTEQ with 5.7 billion euro). All in all, even in this case, Nokia share price would be at least over 2.50 euro, excluded NAVTEQ! And Nokia´s net cash is now 3.6 billion euros.

    In other words, the sum of parts of Nokia and net cash are worth much more than its market cap now, which means NOK share is right now heavily undervalued.

    7. Nokia´s 3.75 billion shares outstanding,

    covers both Helsinki and New York.

    In other words, the short interest in NOK has been around 20% (Helsinki + New York) on a base of 3.75 billion shares.

    This is a significant figure to note, because for example, shares of Apple have been short sold only about 0.5%, Samsung over 2% and other telecom companies about 4% in general.

    Therefore, the real short covering of NOK is still to come yet.

    8. Apart from Lumia 920 and 820 variants, Nokia has been pushing at the same time the sales of Lumias 510, 610, 710, 800 and 900 with campaigns and discounts.

    For example, Lumia 800 has gone back into top ten charts in many countries.

    Kantar reported that WP phones have reached 11.7% market share in Italy.

    The two hit phones are Lumia 610 and Lumia 800 there.

    Nokia launched Asha 205 and Asha 206.

    In these two new Asha phones, Nokia has a new innovation called “Slam” with which you can share photos and videos between the phones, and don´t have to even pair them up like NFC. Also Facebook etc and 40 most popular games in the world are in these phones, which make it hard for manufacturers to compete quality low end phones with Nokia.

    Nokia´s WP8 phones will be available in more markets, because they also support Arabic now.

    China Mobile (the world´s biggest carrier with over 700 million subscribers) has also confirmed Lumia 920T !

    When now, both China Mobile and China Unicom are subsidizing the Lumia 920 heavily, the 2-year or 3-year contract is starting from

    0 or 1 yuan, and considering only less than 1/5 of Chinese people are using highest-end smartphones, now even middle class Chinese people have a chance to use a highest-end smartphone because of China Mobile´s and China Unicom´s Lumia 920 deals.

    This will result into a huge number of 2-year or 3-year contract users for Nokia in China! Besides, 3G penetration in China is still very low, there is a huge opportunity there.

    Additionally, among the highest end phones, Nokia Lumia 920 is significantly much cheaper than for example iPhone 5 and Galaxy Note II. Nokia has an advantage in both the price competition and the biggest carriers´ backing in China!

    In addition, Chinese people know Nokia is really famous with build quality.

    Business men and women like the Lumia 920, because of Office, good maps and location data City Lens and GPS, and good virus protection firmware built in the phone.

    Awards Won By Nokia Lumia 920

    The Top Smartphone of 2012, V3, UK

    The Best Mobile Phone of 2012, Readers Choice Award, Gizmodo, Australia.

    iF Award for Outstanding Design, International Forum Design, Germany

    Mobil Award for Best Smartphone Design, Mobile Magazine, Denmark

    Best Smartphones of 2012, The Next Web, USA

    Top Score Award, Mobil, Sweden

    The Best High End Smartphones for the Holidays, CNET, USA

    Best Productivity Phone, Best Camera Phone, Best Mapping Phone, Best Windows Phone, Runner up, Arstechnic, USA

    Top 25 Tech of 2012, Mashable, USA

    Top Smartphone of the Year, Mybroadband, South Africa

    Best AT&T Smartphones of 2012, BGR, USA

    The Independent UK calls the Lumia 920 “probably the most innovative smartphone on the market”

    Lumia 920 and Lumia 620 will gain more smartphone market share in 1Q13, because the supply of Lumia 920 is now starting to get better. Many Lumia 920 pre-orderers especially in China are starting to receive their phone.

    Lumia 620 is hitting many markets soon.

    Nokia used to be over $40, now even with profit Nokia is only over $4. Think about it!

    Nokia has spent in R&D alone over $55 billion, now its market cap is only about $17 billion.

    NYSE tech stocks are on average about 2X book value, while Nokia is still much below that!

  • Report this Comment On January 14, 2013, at 4:21 AM, 126688 wrote:

    Asha phones have already been profitable. And the sales of Asha phones have increased significantly.

    Lumia 920 is the most important high-end flagship smartphone for Nokia right now. Now when the supply starts to ease, Nokia can still sell very well Lumias 920 for another two quarters before next holiday season. Additionally, Nokia will have already much more to come at MWC this year. Verizon is also doing teamwork with Nokia.

    Lumia 620 will compete aggressively with budget androids and budget iPhones. Lumia 620 is hitting many markets already this month.

    Nokia stock is with big upside potential.

  • Report this Comment On January 14, 2013, at 9:29 AM, PeterC89 wrote:

    No doubt that Nokia is kicking ass left and right with their new flagship. This is the beginning of a turn around for this company and there are plenty of room to grow. But I concur with the author that we should be heedful leading up to Jan. 24th. It wouldn't surprise me if Q4 is so-so at best and it might disappoint my investors because there have been so many hypes lately. Q4 report is not for the faint of heart, so buckle up and hold on tight. But for Q1 of 2013 and on, it should be sweet music to the ears like a slot machine. No matter what Q4 earnings are, I'm holding on to it and might as more to the position.

    Long live Nokia.

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