Sell Block: No More Nokia
Texas Instruments lowered guidance Monday thanks to sinking demand from one of its large wireless customers. TI never named names, but Cramer said he knows who it is.
TI said that its “customer’s” market share is still intact, but demand for the most expensive phones was dwindling. So even though Nokia’s best of breed, Cramer said, with demand down the stock’s a sell. The company’s feeling pressure from both sides right now: Apple on the high end, Motorola/Ericsson on the low end. And, as the Mad Money host has said numerous times, this just isn’t the season for tech.
So use the week of positive action Cramer said we should have to scale out of the stock. How could you be disappointed? NOK’s up 100% since his April 2005 call and 24% since he recommended it again last July. You know how it works on Mad Money: Bulls, bears, hogs…
Need more proof that Nokia’s a sell? Watch the video.
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