Forget $4, try $3 for Nokia

Nokia Lumia 900

In the last 30 days Nokia shares have lost 30%.  Have they finally bottomed?

Got three dollars and some change, then you have enough to buy a single share in Nokia (NOK).

Just last week we talked up Nokia now a $4 Stock, turns out it can get much cheaper.  After pissing of the Street today Nokia dropped hit a new 52-week low of $3.79.  NOK closed at $3.82 and as feared it continues to be a falling knife investment.  At some point this stock has to bounce however we are unsure where that might be, dare we say $3.50?  We stated Nokia could be the Comeback Kid of 2012 -- stress on the "could". 

Today's bad news from Nokia was Apple's (AAPL) iPhone is killing them as their total handset shipments fell by 24% from the same period last year.  Nokia sold more than 2 million units of its Lumia smartphone during the quarter, its first line based on the Windows Phone mobile operating system from Microsoft Corp. (MSFT).  Not bad right?

Sorry Nokia, Apple is expected to report unit sales of more than 30 million for the iPhone for the same period when it reports its results next week.


Wow, finally a semi-positive story from TechCrunch on the fate of Nokia.


Granted the company has disappointed the Street this 32% drop and loss of $6.7 billion in market cap could catch some big bottom feeders. 

Until then we wait.  Mastery expects the stock to stop falling by next week.