Shares of Nokia (NOK: news, msgs) took a 11 13/16, or 21 percent hit, to 44 in Instinet. The Finnish telecom giant said that net sales for the quarter ending in June totaled 6.98 billion euros ($6.55 billion) versus 4.49 billion ($4.22 billion) last year. Profits totaled 1.41 billion euros ($1.32 billion), which was inline with expectations. See full story. However, the company said seasonal factors and the cost of introducing new models would lead to a drop in third quarter earnings below that of the strong second quarter.
Last week, Sweden's Ericsson (ERICY: news, msgs) warned that a crisis in its handset business would hit its third-quarter numbers.
