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Dykstra's Deep-in-the-Money Call: Nokia

Lenny Dykstra

It's over!

Congratulations to the Detroit Red Wings who defeated the Pittsburgh Penguins 3-2 last night to win the NHL championship and bring Lord Stanley's Cup to Hockeytown for the fourth time in 11 seasons. That's domination!

The difference between winning and losing really is just a matter of inches as the fans in Pittsburgh can attest this morning. The final game essentially boiled down to two plays.

The first came with the Red Wings leading 2-1. Penguins goalie Marc-Andre Fleury misplayed a shot from Detroit's Henrik Zetterberg with just over seven minutes into the final period. The puck fell behind Fleury and he accidentally knocked it into the goal when trying to cover it.

Most of the players on the ice thought Fleury had it stopped, but the puck trickled across the goal line as Pittsburgh's Ryan Malone arrived a split second too late to swat it away. That goal, which put Detroit ahead by a score of 3-1, proved to be the difference.

The Wings eventually won the game 3-2, but not before the Penguins could make a last stand. With about a minute and a half left, Marian Hossa lit the lamp as the Penguins were on a power play and had pulled their goaltender to create a two-man skating advantage. That pulled Pittsburgh to within a goal of tying the game, which they nearly did.

Hossa picked up a rebound from a Sidney Crosby shot with just seconds left and backhanded a shot that slid slowly across the goal mouth as time expired.

The takeaway here is simple: Because the margin between winning and losing is often very thin, you have to take advantage of opportunities when they come. It's a key part of my investing approach. Yesterday, Detroit did, Pittsburgh did not.

Today, I've got a pick we must pounce on. Cell phone-maker Nokia(NOK Quote) hit a new 52-week low of $27.01 Wednesday before closing at $27.11. The stock has gotten knocked around in the last few months and is well below its high-water mark in the last year of $42.22.

I like this company and think it's in a good position to add to the win total that includes Tesoro(TSO Quote), American Express(AXP Quote), Amgen(AMGN Quote) and Schering-Plough(SGP Quote). Getting back to Nokia, check out its balance sheet. It has $16.5 billion in the bank, $10.8 billion in operating cash flow and just $1.98 billion in debt.

This is a pick we can feel good about. Therefore, I am placing a limit order to buy 10 January $22.50 calls (NAYAX), paying $6.10 or better. Don't forget to place your GTC sell order $1 higher than the fill price so you can cash in on your $1,000 victory. So, if your order is filled at $6.10, you should immediately place a good-till-cancel (GTC) order to sell at $7.10.

Always remember: Life is a journey, enjoy the ride!

Know What You Own: NOK operates in the communications equipment industry, and some of the other stocks in its field include Qualcomm(QCOM Quote), LM Ericsson(ERIC Quote) and Motorola(MOT Quote). These stocks closed at $48.45, $26.15 and $9.18, respectively. For more on the value of knowing what you own, visit TheStreet.com's Investing A-to-Z section.