Nokia (NYSE: NOK) shares dropped 10.7% Wednesday, after the company cut its outlook. An early casualty of the faltering euro perhaps? Nokia blamed the currency, among other issues for its second quarter woes. The company's statement reported "Multiple factors are negatively impacting Nokia's business to a greater extent than previously expected. These factors include: the competitive environment, particularly at the high-end of the market (read Apple's iPhone), and shifts in product mix towards somewhat lower gross margin products. In addition, the recent depreciation of the Euro affects Nokia's cost of goods sold, operating expenses and global pricing tactics." What a cop out! I think it's clear Nokia is not keeping pace with Apple. Hey, at least you are in good company Nokia. The Apple Victims Club is growing and full of plenty of once-hot names.
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