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Nokia may downscale phones

The Finnish mobile phone maker is set to unveil cheaper handsets to fend off competition from Chinese rivals, Reuters said, quoting company sources. Nokia will debut phones aimed Huawei and ZTE, 2 Chinese phone makers, and a lower-priced model of its Lumia smartphone, which runs on Microsoft's (MSFT) Windows 8 operating system. Nokia (NOK) declined to comment. Nokia has been battered in smartphones by Apple (AAPL) and sets running Google's (GOOG) Android OS. Nokia — which has an IBD Composite Rating of 26, an EPS Rating of 24 and a Relative Strength Rating of 60 — rose 0.8%.