Re NOK: Canacord had expected as much as E1.2B, this analyst was the outlier. Merril Lynch had expectations of E986M.  Concensus was E900M. The concensus clearly was off but closer to the E800M Nokia has guided for, but the market is clearly reacting to the outlier estimate, so freaking typical!?*#%!.

It goes without saying that today many stops have been taken out and many marging calls are going out, that would be my guess given the number of shares traded so far and the 12% drop.

What is so frustrating is that clearly NOK was a clear underperformer last year, it started 2015 at $8.01 and finished it at $7.18, therefore it surely did not have as much priced in re this patent royalty payments as the market drop today would suggest!!  Total market BS.

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