Don’t you think it is kind of foolish to state, “My evaluation comes from their "empty" product pipeline and that´s forward looking” when Nokia is about to rollout the N8 in a couple weeks? If the phone is well received, it has the ability to significantly increase margins very quickly. Additionally, if the N8 has positive reviews, it will mean they have worked out all of the bugs in the Symbian 3 OS. This will allow them to integrate the Symbian software in many of their more economical mobile sets and it will have a domino effect on earning. Remember, Nokia has a huge user base in Europe, Asia and South American just waiting to upgrade to smart phones. Furthermore, if they get any penetration in the US market and sales begin to accelerate there, it will be a game changer for this company. Finally, the N9 with the Meego OS will be rolled out in December. So, I would not count Nokia out just yet.