Nokia gets a big Wall Street dis after latest Lumia debut
Stock plummets as investors fret about price, availability for new Lumia smartphones.
Former Executive Editor / News
Charles Cooper was an executive editor at CNET News. He has covered technology and business for more than 25 years, working at CBSNews.com, the Associated Press, Computer & Software News, Computer Shopper, PC Week, and ZDNet.
Nokia CEO Stephen Elop and Microsoft CEO Steve Ballmer.
Nokia CEO Stephen Elop and his opposite number at Microsoft, Steve Ballmer, were all smiles at today's debut of new Lumia smartphones. But Wall Street's first impression was less upbeat. Investors pushed down Nokia shares more than 13 percent amid questions about the company's ability to ship the new smartphones in volume duing the all-important fourth quarter.
Ambiguous comments by Elop during his keynote at the New York announcement suggested that Nokia may miss the holiday season in a lot of markets. Elop said the new Lumias would be sold in some select markets, but didn't get more specific about availability, pricing, or carriers. AT&T and T-Mobile sold the earlier Nokia models.
The Lumia 920 will run Windows Phone 8, the next version of Windows. Nokia also introduced a less-expensive Lumia, the 820. With Apple expected to unveil the iPhone 5 next week, it's even more important for Nokia to get this next generation of the Lumia line right, given the struggles it's faced trying to remain relevant in the smartphone game. The big question now is whether it can ship enough of the new smartphones to meet holiday demand.