Nokia Not Enough

Shares of Nokia rallied 4.6% Tuesday after the company raised guidance well above analysts’ expectations, but the rest of the market sank on weak retail sales.

Nokia attributed its guidance to “stronger than expected mobile device volumes and relatively firm prices.”

The Finnish cell phone giant said it expects third-quarter earnings of 22-23 cents a share, above expectations of 20 cents, and sales of $10.25-$10.37 billion would come in well above analysts’ $9.95 billion forecast.

That was about the only good news for the market, as stocks took a beating on rising wholesale inflation and weak earnings reports from the likes of Best Buy .

The Nasdaq fell 11 to 2171, the S&P lost 9 to 1231, and the Dow tumbled 85 to 10,597. Volume rose to 2.08 billion shares on the NYSE, and 1.81 billion on the Nasdaq. Decliners led 22-10 on the NYSE, and 20-10 on the Nasdaq. Downside volume was 74% on the NYSE, and 58% on the Nasdaq. New highs-new lows were 104-39 on the NYSE, and 108-42 on the Nasdaq. rallied 9% on a positive analyst day and an upgrade, and Asyst and AudioCodes also rose on upgrades.

CDW fell 5% on its sales report.

Intellisync jumped on a deal with Brasil Telecom.

FiberNet Telecom soared after raising guidance.

Kulick and Soffa lost 5% on a Piper Jaffray downgrade.

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