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News: Nokia Week in Review

June 22, 2006 in Wireless Industry News

A lot has happened this week on the Nokia storm front. In this issue: Nokia Connections 2006, the new Nokia Flagship Store, a partnership beginning between Nokia and Siemens, and another one ending with Sanyo.

Check out the juicy (and not so juicy) news of the week in the full entry.

Nokia Connections 2006 opened earlier this week in Singapore. Basically a convention for smarmy cell phone execs, operators, software developers, etc. However Nokia did announce five (5) new cell phones. The Nokia 6151 and 6080 were the two newest mid-tier GSM handsets, while the Nokia 6275i and 2875i represented Verizon and their CDMA service. Again, these were mid-tier phones. Finally, the budget Nokia 1110i rounded out the five new phones.

Nokia also announced that they would be opening the first official American Nokia Flagship Store in Chicago, IL. As an upscale high-end retail store, Nokia will kill four birds with one stone: get the word out about Nokia products, sell expensive cell phones, gather data about consumers, and finally house their collection of diamond-studded phones: the Vertu line. The Flagship store in Chicago will also be the first store to include a “Vertu lounge,” which is Nokiaspeak for a little booth crammed with super blingin’ Nokia Vertu phones. New York City will be the next location for Nokia’s second flagship store.

An unexpected merger between Nokia and Siemens caused Nokia’s stock price to jump 3% in stock market trading. Unfortunately, the merger also caused an analyst downgrade by RBC Capital Markets.

Finally, talks between Nokia and Sanyo ended this Thursday. The two companies were expected to close a deal during the second quarter of 2006, and unfortunately it just didn’t pan out. It was suipposed to be a move to strengthen both companies’ CDMA segments and gain more market share, but alas – Sanyo, we miss you already.

As of Thursday’s market close, Nokia’s stock had dropped back to 19.57, lower than it opened on Monday. What a waste!

Tune in next week for another Week in Review!

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