Nokia (NOK) - Get Report shares dipped 3% Thursday after Finnish manufacturing partner Elcoteq slashed third-quarter guidance.

The Helsinki-based contract manufacturer blamed weak volumes in Europe and "unsatisfactory profit growth in the Americas."

Nokia has been estimated to represent as much as half of Elcoteq's revenue, so some investors see reason for concern that the No. 1 cell-phone maker may be losing market share. One area that's particular troubling is the U.S., where Nokia has been unusually weak for the past two years.

But without specifics, it is hard to draw firm conclusions about the health of Nokia's business.

"Elcoteq has been having its own issues," says one New York hedge fund analyst. "It's a big European manufacturer losing share to Asian competitors."

Still, though Elcoteq is not a perfect tell for Nokia, the hedge fund manager is nonetheless pessimistic about the Nokia's performance this quarter, as rival

Motorola

(MOT)

continues to benefit from its superior phone fashion sense.

Nokia shares fell 56 cents to $19.39 in late-morning trading Thursday.