A day after bouncing on a mixed Q2 report, Nokia (NOK -6.5%) is slumping towards pre-earnings levels. Fitch is downgrading Nokia's credit rating yet again (previous), and many analysts are cutting their PTs. "Nokia's story remains theoretical pending consumer adoption of [Windows Phone 8]," Barclays asserts. Yesterday, the WSJ took a look at the poor judgment and slow-footed culture that helped cost Nokia its smartphone lead, in spite of huge R&D investments. (more)
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