This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Nokia's American Dream

Updated from 11 a.m.

Nokia (NOK) rolled out three new phones and forecast continued growth in the red hot handset market.

Nokia chief Jorma Ollila said the Helsinki-based handset giant expects global handset sale volume to rise more than 10% in 2006, off this year's record unit shipment total of 780 million. The company also told investors that it expects its mobile subscription count to pass 3 billion in 2008, rather than in 2010 as stated in February.

The comments sent Nokia shares up 3% in midday trading.

Ollila's remarks came as Nokia said it expects new handsets and better carrier relationships to bolster its position in the key North America market in years to come.

At its annual Capital Market Days event in midtown Manhattan, Nokia handset chief Kai Oistamo said the Finnish handset giant has learned from past missteps and will use the knowledge to rebuild its faltering North American business. After Oistamo's comments, Ollila took the stage to offer financial guidance that was generally better than Wall Street had expected.

"Last year we committed to increasing the competitiveness of our product portfolio and focusing more on our customers. Today, I'm pleased to say that we've made excellent progress in both of these key areas," said Ollila. "I'm particularly happy with advancements in our product portfolio. The competitive features, design, usability and quality of our products mean Nokia will continue to be recognized as a globally-leading brand and the top industry driver."

Nokia remains the No. 1 handset maker globally, but it has been laid low stateside in recent quarters by a series of fashion faux pas and aggressive marketing moves by rivals led by Motorola (MOT). While Motorola has been rolling out red-hot models like the Razr, Nokia has grown increasingly reliant on low-margin cheaper phones sold in poorer nations.

"North America is not going to change overnight," Oistamo, Nokia's executive vice president and general manager for mobile phones, told analysts and investors Thursday. "It will take some time to get where we want to be."

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs