Nokia's Got a Different Set of Rules

Nokia has defied the laws of gravity and tech by shooshing down the slopes after turning in solid earnings.
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Darn Finns! They don't know the game! When a tech company reports an upside surprise in this country, it goes up. But the Finns, they have the old paradigm -- they sell on the news. I am watching

Nokia

(NOKA)

ski down 15 (a true Finn type of verb) as I write.

OK, there was a Finnish whisper that didn't get crushed. And there was some gross-margin figure that got distorted by the massive handset sales. But right now, it looks like Nokia's a bummer courtesy of its big run-up ahead of the number and the fact that it announced in Finland and not in the buoyant U.S. market.

Jeez, this game can be hard. We were shorting

PeopleSoft

(PSFT)

on the homework that said business got too tough, but we covered when we thought we were going to be blitzed by the rumor that

IBM

(IBM) - Get Report

was going to buy PeopleSoft. Sure enough, the quarter was lousy, but who could stay short from an 18-to-24 takeover ramp?

On the other hand, we held on to our Nokia because, hey, we like Nokia. But now we get punished by too much of a good thing. Oh well, we are no strangers to pain.

But it does point out, once again, that the Net is somehow a "safer" place to play. Companies make dilutive acquisitions on the Net, and they go up. Companies announce they are going to spend, spend, spend and lose, lose, lose, and they go up. Companies lose business from

Microsoft

(MSFT) - Get Report

, and they don't go down.

What a world.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At the time of publication, his fund was long Nokia and Microsoft, though positions may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column by sending a letter to TheStreet.com.