Nokia Leaps into Microsoft's Arms, Investors Jump Out
Scott Moritz
Scott Moritz
NEW YORK, (TheStreet) -- Nokia (NOK) jumped onto the Microsoft (MSFT) Windows platform. Investors did some jumping as well -- out the exits.
Opting for a pragmatic solution over the popular choice, Nokia snubbed Google's (GOOG) Android operating system and chose to make smartphones powered by Microsoft's Windows Phone 7 software, according to Bloomberg and other news outlets.
The news comes a day ahead of Nokia's analysts' day event in London, where CEO Stephen Elop is expected to outline a turnaround strategy for the sputtering phone giant. Elop's revitalization plan will attempt to pull Nokia out of its Finnish isolation and make its phones more competitive.
Wall Street had favored the popular Android system as the quick and more crowd-pleasing option. Instead, Nokia's alignment with Microsoft ties it to a partner that has deep pockets but very limited success with its Windows phones.