Sand Spring Advisors LLC
Nokia Is Key
March 12, 2002
by, Barclay T. Leib
Within our subscriber-only chatroom the other day we prompted readers that a sales warning from Nokia was likely in the offing, and could easily be the catalyst to bring renewed pressure to the tech and chip sector. Last night that sales warning hit, and the only knock-on conclusion people should quickly reach is that if Nokia's sales are weak, then chip suppliers to it such as Intel, AMD, Texas Instruments, and others do not deserve the recent ebullient performance that they have demonstrated.
The next time people will truly want to swap their existing cell phones for newer models is when cell phone web-connectivity truly exists at a low price. That will come, but it is still too expensive now. So in the short term, we see Nokia as being vulnerable for a significant decline. Our Fibonacci bands might even suggest a price of $8 as an objective, perhaps as soon as June, or perhaps later on.
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