Nokia shares knocked down

NEWS Nokia shares slumped over six per cent this morning after Morgan Stanley downgraded the stock just three days before the company releases its fourth quarter results. Shares fell 6.38 per cent to 220 Krona (£17.14) by 10:15 (GMT) on the Helsinki exchange. Morgan Stanley downgraded the stock from 'neutral' to 'underperform', citing fears of a fall in telecom equipment sales in China. The company also reduced its price target for Nokia stock to E15 (£9.30). When Nokia reports its fourth quarter results on Thursday, analysts expect pre-tax profit of E1.37bn (£843m) compared with E1.77bn (£1.09bn) in the same quarter last year. Revenue is expected to be E8.55bn (£5bn) - down eight per cent on last year.