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What: Shares of Nokia (NYSE: NOK) plunged today by as much as 15% after the company took the wraps off its newest flagship smartphone.

So what: Along with software partner Microsoft (Nasdaq: MSFT), the Finnish device maker unveiled two new devices at an event in London this morning, the Lumia 920 and Lumia 820. The Lumia 920 will be the company's new flagship device and features a PureView camera with numerous functions for shutterbugs. It looks similar to its predecessor, the Lumia 900, but importantly is Nokia's first device for Microsoft's new Windows Phone 8 platform. Both devices feature wireless charging and large displays, 4.5-inch on the higher-end model.

Now what: The event didn't pack any major surprises, for better or for worse, and investors clearly weren't impressed with the new smartphone. Considering that Apple is set to unveil the iPhone 5 next week, Nokia shareholders apparently aren't confident that the Lumia 920 will hold much of a flame next to it. Analysts are similarly disappointed, expecting some color on carrier launch partners. Nokia also didn't specify an exact time frame, adding more uncertainty to the mix.

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Fool contributor Evan Niu owns shares of Apple, but he holds no other position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool owns shares of Apple and Microsoft. Motley Fool newsletter services have recommended buying shares of Microsoft and Apple. Motley Fool newsletter services have also recommended creating a synthetic covered call position in Microsoft and a bull call spread position in Apple. The Motley Fool has a disclosure policy.
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