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Shares of beleaguered
Nokia(NOK - Get Report) are getting shellacked this afternoon, down more than 11% as I write after the Finnish firm's dismal earnings numbers were reported to Wall Street. Nokia saw its sales drop by 20% on the quarter, and while earnings were less bad than expected (a loss of 0.02 euros per share, not 0.04 euros) it wasn't enough of a saving grace to spare the firm from selling.
Looking at Nokia from a technical standpoint, this stock couldn't look much worse. NOK gapped down this morning, falling through the $3.20 level that had previously acted as support for shares. Now, with that former "price floor" taken out, NOK is due for some more downside. The nearest meaningful support level from here is $2.80 -- a target that's well under foot. I'd recommend buyers avoid trying to get a "bargain" in NOK here.