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Finnish phone maker Nokia (NOK) - Get Nokia Oyj Sponsored ADR Report was down 3.8% in preopen Instinet trading after it was downgraded to sell from underperform by West LB Panmure.

Fears over earnings were pressuring technology leaders on European exchanges, where Nokia was down 8%. ADRs fell 15.2% on the NYSE last week, closing Friday at $19.00, it's lowest point in two years.

UBS Warburg

also cut its European price target on Swedish telecom equipment maker

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and repeated its hold recommendation. Ericsson was down 1.8% on the