t’s a pretty solid open, with good breadth…
It’s a pretty solid open, with good breadth to the upside at more than 2 to 1 stocks moving to the upside. And then there’s Nokia. The company pre-announces very ugly guidance to the downside and suspends guidance for the next couple years as it transitions to the Microsoft Windows Mobile platform it’s betting its house on. I’m as angry about their timing on this announcement as I could be, as I spent the weekend working on this with my colleague Ashwin Deshmukh and had written this week’s Revolution Investing newsletter for you guys and for my subscribers there about why it was time to sell Nokia and look to double one’s bet in Microsoft instead. Now we have to sell into a broken stock on the day it’s getting trashed instead. But it’s time to sell it. It’s one of our smallest positions and I only have common in Nokia…but it is a loss and it is time to sell it. I won’t be selling mine until tomorrow so that the subscribers of my Revolution Investing newsletter can read about it before I do it too and that won’t be published til this afternoon on WSJ’s Marketwatch…but I will be selling my Nokia tomorrow. Mea culpa. More on this, including a rewritten version of what I wrote this weekend about why it’s time to sell Nokia. AUGH.
