shares of nokia down 17% on the news.has a sell on nokia, a price target of $2. michael, you say the company, at least the ongoing business in your view, is worth zero. what does that leave, the ip? >> yeah. hi, carl, that's absolutely right. our $2 price target is based on the view of the intellectual property of the company, about $7.5 billion or $2 a share. we've been telling our clients to bet against this stock. we're not at all surprised about today's profit warning or about the job cuts. we actually went into the at&t and t-mobile stores last month and found the big marketing push for the phones had died down. we found the clerks in the stores were actively advertising people not to buy windows phones and were telling us they weren't selling many of them so we're not at all surprised by this. we think the business of making handsets is worth nothing. we think this company will continue to struggle and the most disturbing thing is they have $4 billion in net cash but they're going to burn through that with the restr

we have to talk about nokia. the tough times continue.nnouncing today it plans to cut 10,000 more jobs, close 3 factories, the stock is now at $2.39. robert w. baird downgrading the rating saying the company is survival is now threatened. the analyst that made that call joining us now, will power. thank you for joining us on "street signs." the cash position as you note in your note is very distressing. they're burning cash. some point the cash burn will end either way if you sort of get where i'm going with this. >> well, right. good afternoon. i think you should note that with the sharks circling navistar and right now nokia up and rim are the chum and it's apple and android circling and attacking and i think our concern is that the market share losses are not just getting worse and steepening. i think it's a very difficult turnaround for them at this point. similar to rim, i think it's the too little too late with windows. >> very difficult turnaround. is there a chance it goes to zero? a chance nokia goes away? >> yeah. no. i think th

look, i would say nokia -- >> no, we don't. >> nokia's fall from grace was actually i think more extremerimm's. if you look at what's gone on there, because this was a company that was so far ahead of their field in a place where they really -- they owned the medium to lower range both cell phone and smart phone business. mel is still giggling over here. i would point out i think the samsung s3 release is actually going to be more important than the iphone's next release. i think actually if you look at it -- >> by the way, everybody's giggling because of the "you know how it gets." more options action tomorrow. on friday. >> what could that mean? >> 5:00. concentrate on dates. on twitter. coming up next, one of the leading voices on europe. we'll talk to him in another "fast first." sean egan is here. it is an interview you'll want to pay close attention to here on "fast money." stay tuned. home protector plus, from liberty mutual insurance, where the costs to both repair your home and replace your possessions are covered. and we don't just cut a check for the depreciated value -- we ca

nokia down today, its their third cut in earnings outlooks in just about a year. they took 10,000 job losses, stock now down 7% in helsinki. it's the concentration on the bond markets we look at today as well. 1.5%, it has been noticeable so far as we ten to see rises in yields elsewhere. some people are wonder whether they're starting to price in a convergence strike. 4.5 billion euros to be auctioned today. the key is the 2 billion to 3 billion of the march 2015. that's the three-year. in spain, we're up fresh, euro highs right now on debt, 6.88%. and we'll keep our eyes on gilt as well. 1.5 billion. what's the the appetite for money at these yields. 1.5487, it will be interesting how the dollar trades. we have cpi today. if there's any hint, we may get qe. euro dollar at the moment, 125.76. we have been above the two-week low of 122.80. that's where we stand right now in the european session. we have more on asia out of tseng pore. good morning. >> thanks, ross. similar picture in asia. markets are mostly in the red as investors scale back on risky assets ahead

before we break, some of today's biggest losers in the market led by nokia. big layoffs coming there, followed by some big winners. let's look at the winners now. feeling better about that quintet. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 let's talk about that 401(k) you picked up back in the '80s. tdd#: 1-800-345-2550 like a lot of things, the market has changed, tdd#: 1-800-345-2550 and your plans probably have too. tdd#: 1-800-345-2550 so those old investments might not sound so hot today. tdd#: 1-800-345-2550 at charles schwab, we'll give you personalized recommendations tdd#: 1-800-345-2550 on how to reinvest that old 401(k) tdd#: 1-800-345-2550 and help you handle all of the rollover details. tdd#: 1-800-345-2550 so talk to chuck tdd#: 1-800-345-2550 and bring your old 401(k) into the 21st century. tdd#: 1-800-345-2550 >>> dramatic >>> dramatic pictures. major wildfire north of denver scorched 50,000 acres. winds expected to gust and making life difficult for firefighters. ty? >>> key numbers out today. details the best and worst airlines when it comes

cell phone maker nokia is going to eliminate up to 10,000 jobs worldwide by the end of next year.hey say they spec to close facilities in germany and canada. nokia used tonight global leader in mobile phones but it lost that title to samsung earlier this year and faces tougher competition from the iphone and android. >>> what are you thinking about getting your dad for father's day. there's an app for that. here's one example. golf shot. that comes with a handicap calculator and lets dad keep tabs on performance. if grilling is his thing the mobile grilling companion app might do the trick. it lets dad have access to hundreds of recipes and you can try the ball park in the app which gives dad pictures and info about every ball park in the united states. >>> most of the time computers lose value as they age. however, not this device. one thing we will tell you about the first apple computer sold. we will look at it and the starting bid price for the one of a kind gadget. also straight ahead, pretty crazy video out of texas. huge hail just getting bigger and bigger and details on th

with nokia.ther do a tablet and -- >> because nokia did so well doing phones. >> nokia was a great company for a very long time. >> and so was kodak, but times change. >> polaroid i liked personally. >> very hard for companies to buy companies in distress. you'll rarely see that. although there may be intellectual property and whatnot, motorola mobility probably very happy that they got bought by google. >> meanwhile, the buzz in athens this morning, with reports suggesting a secret poll is showing probailout parties as front-runners over the weekend. the country has strict guidelines on what can and can't be said about polls right now. michelle, i would say happy friday, but i know you have a long weekend ahead. >> oh, yeah. it's a really tense weekend. you can see all the headlines that we saw in the last 24 hours related to central banks. i know there's some doubt as to just how much validity there is to them as brought up by steve liesman. there is no doubt europeans across the continent woke

the swedish phone maker nokia says it will cut 10,000 jobs next year to save money.okia lost its title as the largest cell phone maker in the world to its major competitor samsung. >> a u.s. finance your -- fianancier has been sentenced to prison after being convicted of 13 charges of fraud and conspiracy. the court found that allen stanford defrauded investors of their savings through a snowball system. he pled not guilty and blamed the u.s. government for ruining him by seizing his assets. >> don't mess with texas. >> it has been five years since the militant organization hamas seized power in the gaza strip. at the time, they had just won the 2006 palestinian alexians. >> the power grab came after a split that marked the low point from which it has yet to recover. >> the united states and the you call it a terrorist organization, but for many palestinians, the group represents hope for greater autonomy. hamas has controlled the gaza strip for five years. the group was founded in 1987. hamas carried out violent attacks against israel. in 2006, hamas won for the fir

. >>> well, nokia nosedives, stanford is sentenced, and what everyone is getting for dad. your early morning business headlines are straight ahead. plus a new film from adam sandler hits the box office. could it be any worse than his last? it couldn't right? or could it. >>> coming up the heat get even, tigers's in the hunt, and i love the a parade. you're watching "early today." >> announcer: "early today" is brought do you by the makers of centrum, also your most complete. >>> good morning and welcome back to "early today." i'm lynn berry, and here are some of your top headlines this morning. united nations observers were finally able to reach a desertded syrian town where they found smouldering buildings, looted shops and smashed cars, but a death toll is unclear because the bodies have either been removed or buried. >>> in egypt protesters took to the streets after that country's highest court dissolved parliament, saying it was elected illegally. the court also ruled that a former official under official hosni mubarak can compete in this weekend's presidential electio

traded shares of nokia plunged 15% on news it plans to slash 10,000 jobs. >>> in vienna, opec leaders left production levels unchanged, saying they expect global supply and demand to stay balanced through the end of the year. >>> convicted ponzi schemer allen stanford was sentenced to 110 years in prison by a texas judge yesterday. the 62-year-old swindled more than $7 billion from his investors. >>> federal regulators have widened an investigation into gas tank fires in some jeep grand cherokees to include upwards of 5 million vehicles, including cherokees and jeep liberties. >>> following news the u.s. will soon allow u.s. companies to invest in myanmar, coca-cola says it will offer its products in the former burma for the first time in 60 years. >>> and if you're wondering what everyone else is buying for father's day, the national retail federation says for the first time in seven years, a special outing like tickets to a ball game or dinner out has surpassed traditional gifts like ties or power tools. >> coming up, the stanley cup tours hollywood, the mets sweep, and the royals,

traded shares of nokia plunged 15 about% on news it planned to slash 10,000 jobs.n vienna, opec leaders left production levels unchanged saying they expect global supply and demand to stay balanced. alan tap ford was sentenced to 1 ten-years in prison by a texas judge. the 62-year-old swindled more than $7 billion from his investors. >>> federal regulators have widened an investigation into gas tanks in grand cherokees on include up it on 5 million vehicles. >>> following news the u.s. will soon allow companies to invest in myanmar, coca-cola says it will offer its products in the former burma for the if first time in 60 years. and if you're wondering what every else is buying for father's day, the national retail federation says for the first time in seven years, a special outing like tickets to a ball game or dinner out have surpassed traditional gifts like ties and power tools. giving us all an idea here for our dads. coming up, the stanley cup tours hollywood, the mets sweep, and the royals walk off winners. plus dwyane wade and his miami heat teammates slam th

nokia is hanging up on more of its workers. they are cutting up to 10,000 jobs worldwide, 20% of its work force. nokia falling way behind competitors like apple and samsung in the smart phone market. that's business. i'm neil cavuto. just 3 easy steps for beautifully clean carpets. it removes 3 times more dirt than vacuuming alone. don't just vacuum clean. resolve clean. >>> many americans don't get enough vitamin d so they take supplements. experts say some store-bought vitamins can sometimes fall short. >> rob olsen explains why this morning. >> typical doses, 400 incident newschannel ten units and for a minnesota resident, that is not enough. >> specializing in interventional nutrition at the penny george institute for health and healing in minneapolis, he says typical store-bought vitamin d supplements and multivitamins often fall short. >> the dosing is insufficient. this is key for minnesotans to know. a multivitamin is just better than worthless for achieving a good vitamin d level. >> reporter: it is why he is not at al

nothing at nokia. isn't samsung going to buy -- i must have had half a million people say they're buying it. it is finnish. the fins won't let you buy nokia. john in florida. >> caller: hi, jim. international gaming technology, igt. >> i'm done with it. we don't need that company. if you need a casino, las vegas sands. right now you don't need a casino play. ali in new jersey. >> caller: hi, jim. first time caller. >> how are you? >> caller: my stock is black & decker. >> it should be higher. it has european exposure which is why i had to bolt my charitable trust. it's terrific. why? it's got too much europe and no one wants europe. now to johnny in texas. >> caller: jim. >> yeah. >> caller: a texas boo-yah. how about f.u.n.? >> one of the ways to have fun is to own f.u.n. we have recommended it repeatedly. it still has a 6% yield. i think buying it. a nice add of domestic security with dividend. nice theme parks. that, ladies and gentlemen, is the conclusion of the lightning round! >> announcer: the l

the u.s listed nokia shares took a nose dive, falling almost 16%. volume was huge, more than 110 million shares trading. shares have been sinking since early april when it sharply reduced its financial forecast. owners of the three biggest wireless carriers in the states were stronger. sprint-nextel jumped 5.4%, over $3 per share for the first time since september. at&t is at a new 52-week high, up 2% on stronger than usual volume. and verizon gained 1.8%, also closing at a new 52-week high. verizon announced a new pricing plan for its wireless business. at&t is expected to do the same. energy prices caught some heat today, especially natural gas, seeing a big jump as demand seems to be picking up. natural gas prices jumped 14% after weekly government data found a smaller than anticipated increase in supplies. that led the market to think demand has picked up after months and months of low demand. natural gas prices have suffered under record supplies thanks to new production techniques, and low demand due to the warm winter and weak economy. indepe

nokia is finland's own. you accept that the single most deadly competitor in the world is apple. buy nokia or rim, you are going up against the most loved, most respected company on earth why would you choose to do that? if you are that much of a glutton for punishment, you might as well punch yourself in the face. it's cheaper. it's time to face up to a notion i felt strongly about. memorex i think it was trading at $1.87. so how much can i lose. i say don't speculate on companies with soon to be stretched out balance sheets. you may just actually lose them all. i got a better idea. just go buy some apple and stick with cramer. >> jim cramer, looking out for you. >> thank you sir, for helping us average joes. >> thank you for all that you do. >> thank you for helping all of us home gamers. >> thank you for sharing your knowledge with the everyday man. >> i love sharing with you. >> everywhere, any time, any place. answering the call of cramerica 6 and 11 eastern on cnbc. wÑwÑwÑwÑwÑwÑwÑwÑwÑososososvycyíy >>> the market is set up for a very nice opening monday. regardless of who w

nokia is falling way behind competitors in the smartphone market. that's business.'m neil cavuto.   this fox 5 stock market report is brought to you by your lexus dealer. live life heroically. [ female announcer ] with xfinity, you can always expect more. like more on demand shows and movies than ever. and more ways to discover them too. plus more speed from america's fastest internet provider. so you can run more devices at the same time. ♪ feel a firework [ female announcer ] and best of all, it keeps getting better. no wonder more people choose xfinity over any other provider. ♪ love can be so mystical ♪ >>> it was a high powered fight in a new york city nightclub, singer chris brown and associates with hip-hop star drake got into a bottle hurling brawl early this morning. brown, his girl friend and bodyguard were hurt. brown tweeted out this photo showing a cut on his chin. the spokesman for drake says the singer was headed out of the nightclub when the fight brock out and was not involved. police are investigating -- broke out and was

nokia plans to lay off 10,000 workers and close facilities. the company wants to reduce costs by next year and it also wants to cut its earnings forecast. >>> the man accused of killing fred bolignica is sentenced today. a jury convicted muhammad haroon ali in the murder of his girlfriend. she died at a rehab. >>> an update now to a story we first told you about yesterday. a bicyclists has been charged after he struck and killed a pedestrian in a busy crosswalk. ktvu's david stevenson reports the san francisco district attorney came out today to explain why he's charging the cyclist with felony manslaughter. >> reporter: san francisco's district attorney announced a felony manslaughter charge against a bicyclist accused of hitting and killing a man crossing the crosswalk. >> we had an individual that had a need for speed. he basically was trying to beat his own record. >> reporter: investigators say 36-year-old chris bucari seen in this you tube video showed gross negligence going through stop signs before hits wi. his niece today told us quot

nokia plans to lay off 10,000 workers and close facilities.ny wants to reduce costs by next year and it also wants to cut its earnings forecast. >>> the man accused of killing fred bolignica is sentenced today. a jury convicted muhammad haroon ali in the murder of his girlfriend. she died at a rehab. >>> an update now to a story we first told you about yesterday. a bicyclists has been charged after he struck and killed a pedestrian in a busy crosswalk. ktvu's david stevenson reports the san francisco district attorney came out today to explain why he's charging the cyclist with felony manslaughter. >> reporter: san francisco's district attorney announced a felony manslaughter charge against a bicyclist accused of hitting and killing a man crossing the crosswalk. >> we had an individual that had a need for speed. he basically was trying to beat his own record. >> reporter: investigators say 36-year-old chris bucari seen in this you tube video showed gross negligence going through stop signs before hits wi. his niece today told us quote i'm glad

el candidato tiene una propuesta, y es mejorar la condiciÓn de vida de todos los mexicanos para que nokia al crimen organizado no le voy a dar tregua a los secuestradores, a quienes extorsionan y asesinan, no contaran conmigo en esquemas de complicidad y de daÑo a sus familias. >>> y por Último la propuesta de kau drew de la torre luchara en contra de las drogas y exigirÁ a estados unidos que a suma responsabilidad en esta lucha. tenemos las propuestas de los candidatos en materia de salud. >>> con esto vamos a ir a una pausa. >>> no se vayan, al regresar el futuro injerto de los soÑadores que sÍ fueron deportados. ya volvemos. >>> el presidente obama suspender la deportaciÓn de jÓvenes indocumentados no llegaron a tiempo a estudiantes mecanos que ya fueron repatriados a su paÍs. raÚl torres nos dice como recibieron la noticias estos jÓvenes soÑadores y que futuro les espera al otro lado de la frontera. >>> alejandra busca una palabra y una idea. y los busca en su compaÑeros de siempre los libros. ¿quiere comprender por quÉ su sueÑo se convirtiÓ en pesadilla. >>> me gustarÍa terminar mi s

>> caller: i was wondering about nokia. is it going to zero? >> i don't think it necessarily has to go to zero. it can be a walking dead stock. you know, maybe like sprint was for a long time. sprint got its act together. maybe nokia does. i'm not selling you to sell a stock at 2 i told you to sell all the way down. at two bucks let someone else tell you to sell. i don't care anymore. get out now? i say no. "mad money" will be right back. >> announcer: coming up, food fight. cramer's bringing fresh ideas to the sour market after scanning the aisles and mapping the menus it's time to check out his top plays on produce, freezers and french fries . it's a food play buffet all night. stick around to get more than just dinner out of your next food run. all coming up on "mad money." >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter. have a question? tweet cramer, #madtweets. send an e-mail to madmoney@cnbc.com or give us a call at 1-800-743-cnbc. miss something? head to madmoney.cnbc.com. acceler-rental. at a hertz expres

nokia, i look at the 30,000 patents they have got, $12 billion in cash. they have a debt but sitting on a mountain of cash. i think this is a company with much more potential with windows 8 phone coming out in november, that's why i'm in that name more than research in motion. >> that chart was pretty stark. they are chasing each other, who can get to the bottom quicker. >> nokia talking about 10,000 employees losing jobs by the end of 2013. they are making the difficult decisions to try to make themselves a better company down the road. that's why i prefer them. >> news corp. jumping 6% to multi-year highs after the company said it may split itself into two separate businesses. allen thinks it could be a positive move. what would be the biggest positive. >> additional multiple expansion. news corp. traditionally traded at a discount to peers, point and a half multiple point discount, every multiple three bucks a share. >> film and television, the entertainment side must look good to you at this point. >> absolutely. news corp. growing quicker than its pe

while rim and nokia laughed. they're not laughing anymore.'s market cap down about 90% of 5 years ago. nokia's down more and iphone forced business people to readjust their thinking. there's attempt to gain loyal customers. surface tablet is an acknowledgment that the combination is too effective to beat with the licensing rule book and google's next xi 7 shows they're adopting more of the apple model, too, designing hardware and software and would google have bought motorola mobility if they didn't need the talent? i think we all know the answer to that. five years ago there were no mainstream touch screen gadgets. if we were a society of mice. the come putding is one company can't make operating systems and hardware and single digit market share. iphone changed that and now pondering the future. the biggest product of apple by far selling more than 35 million units last quarter alone. as you can see, its launches have gotten bigger and bigger but the ipad that's apple's fastest growing product now. sales up 132% year over year in the march

microsoft is a great value. >> are you a buyer of nokia, charlie? >> absolutely not. is trading at ten times heearnings. >> i dumped that pretty girl. how about walgreens? this is your most interesting play. you're making a call on generics with walgreens which is one of the most interesting topics for consumers and governments around the world. >> if pfizer has lipitor they don't need walgreens. when it becomes a generic drug the distribution system becomes more important. so walgreens does very well every time you have a big drug go off patent. the stock has been hit because of problems with express scripts but that will be resolved here. very cheap on eva to ebitda multi billion. a high class retailer that will do well in the generic wave. >> good to speak with you. >> thanks for having me. >> josh brown being the contrarian. i guess you have a bone to pick with at least one of the picks. >> i hear the word cheap associated with stocks and i cringe. not that i don't want a good value but citigroup, morgan stanley. i will say it for the record. bank stocks without d

i'm going to ask you the same question i asked on nokia yesterday.gerous path to zero? >> million dollar question. yes, it is. you brought up the interesting point and if we step back and look at the bigger picture, i'm looking at the handset industry over a decade and never seen a handset company recovering after such strategic blunders. the graveyard for the industry is littered with players that have been darlings at one point, sony, erikson, palm, phillips. nokia and rim treading down the path and one foot in the graveyard. >> okay. is there nothing to save them? not even the blackberry 10 launch later this year? >> blackberry 10 launch is too little, too late. what i say about rim, caught between a rock and a hard place. i have always looked at the handset industry through the lens of three categories, apple. the asian guys. and strategically placed such as palm. apple own the hardware, software, operating system. they're designed to roll out one phone every so often and want to compete with samsung, spitting out phones every six months so i thi

to buy nokia on the weakness of r.i.m.is a total flyer at this point. >> at $2.11. >> yeah. >> at least it's a less expensive flyer. joe, what do you think? >> i think it's game, set, match. this was over a long time ago. really, the only one that benefits here is the shark that eventually swims in it and scoops this up as a ridiculously cheap value. >> our contrarian tonight, what would you do? >> i'm going to say there's a big difference. i want to make this clear in tone between r.i.m. dropping 15% based on what is clearly a dead franchise or nike dropping 12% based on what may be seasonal and regional and global weakness that is limited to the spring. just from a trade perspective, these are very different kinds of drops. even though we're equally negative in this particular 20 minutes, these are completely different stock stories. >> okay. let's move on here at this point. today's supreme court ruling being touted as a big win for both president obama as well as the hospital stocks. joining us on the fast line with mo

while we're talking about the mobile phone business, finnish company nokia saw heavy trading volume of its u.s. listed shares. the stock closed up 6.7%. the company has been the focus of merger rumors as it has struggled to keep up in the smart-phone market. in banking stocks, citi was the big percentage gainer, up 3.2%. that takes the stock to a three week high. after the close tonight, the bank said it will submit a new plan to the federal reserve on monday, showing its financial cushion, but it does not include a stock buy-back this year. that part of an earlier plan was rejected by the fed. wal-mart got some good news today. a federal judge cast doubt on a gender discrimination case against the company. the women claim wal-mart discriminated against this by denying them raises and promotions. an earlier class action case was thrown out and this new effort focuses the claims in california. but the judge said the case can move forward only if the women show new evidence. the stock was the biggest percentage gainer among dow jones industrial stocks up 3.6%. volume was heavier than usu

so small gain for nokia.into a decent gain for the stock. >> even though june looks to be pretty good for the main indices, the quarter is not going to be so great. top-performing dow stock in the quarter, verizon, which has virtually no international exposure, up 15% followed by at&t, walmart and disney. worst performing, caterpillar, which gets most of its revenue from overseas. >> investors have been gravitating toward those domestically based companies. not solely, but disney obviously has a lot of international operations. walmart has tried but still a bulk of its revenues come from the u.s. >> caterpillar followed on the downside by cicso and jpmorgan. that's for the quarter, not the month, not the year-to-date but q2 overall. >> we should point out the banks are up sharply as you might anticipate. jpmorgan lagging a bit in terms of its percentage gain this morning. but all the banks up because of europe. good news out of europe, banks move up. bad news out of europe, the banks move down. >> one excepti