Considering shares of Nokia just slipped to 13-year lows, is it time to hold your nose and buy?
As you likely know Nokia was once the undisputed leader in cell phones, but in more recent times, the company has struggled to hold its ground as the iPhone, BlackBerry and others nibbled away at market share.
You may remember that back in February new Chief Executive Stephen Elop compared the company's situation to "standing on a burning platform. " Investors have had little patience for the stock ever since.
As bad as that sounds – it gets worse.
On Tuesday, the company warned that it expects net sales from its devices and services business in the second quarter to be "substantially below" its previous forecast, set in April, of between 6.1 billion euros ($8.7 billion) and 6.6 billion.
"Android is gaining strength. Apple is Apple, of course," said Elop on a conference call. Given the unexpected change in our outlook for the second quarter, Nokia believes it is no longer appropriate to provide annual targets for 2011.
Sounds pretty stinky. But the Fast traders always say the time to buy is when it hurts the most. So, is this the time to buy?