May 31, 2011 13:00 ET

Investors Hang Up on Nokia, Make Deposit at Bank of America

Early Trading Slides Nokia (NOK) Down on Slashed Sales Forcast; Bank of America (BAC) a Possible Bargain.

LAS VEGAS, NEVADA--(Marketwire - May 31, 2011) -Nokia (NOK). Investors sent shares sliding on Tuesday morning after the world's largest handset maker vastly reduced its sales and profit forecasts for 2011, citing tumbling prices and greater competition.

The once mighty Nokia's dominance of the market has been continously eroded by smartphone newcomers Apple Inc (AAPL). and Google Inc (GOOG).

The company rejigging its business, adopting Microsoft Corp.'s (MSFT) software instead of its own Symbian platform, but competitors around the world keep lining up for a share of what Nokia once dominated.

They have warned sales from its devices and services business in the second quarter to be "substantially below" the forecast of between 6.1 billion euros ($8.7 billion) and 6.6 billion euros.

Banking News

Bank of America's (BAC) was quick out of the gate on Tuesday morning, as about 20 million shares changed hands in the first hour of trading. It seemed some consider the stock a bargain.

BAC hares have struggled since the financial crisis, and continued to hurt this year: have lost 23.3% since January 2010 when they opened at $15.24. Compare that to other big retail banks, which are mostly all up for the year Citigroup (C), +21.9%; JP Morgan Chase (JPM).

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