Nokia (NYSE:NOK) Shares Fall on Negative Profit Speculation

Shares of Nokia (NYSE:NOK) have fallen almost 4 percent today on rumors the company may issue a profit warning.

When asked about the rumor, a company spokeswoman responded saying, "I cannot comment on such speculation."

At issue appears to be the idea that Nokia's new CEO Stephen Elop may take steps which could end up weighing on the stock, resulting in a negative surprise to the market.

Some were surprised by rumors that have persistently dogged Nokia during the year, especially returning again a couple days ahead of their earnings report.

Expectations at this time are Nokia will turn in their third quarterly drop in profits in a row. Earnings are expected to come in down about 24 percent for the quarter ending December 2010.

Nokia was trading at $10.48, losing $0.43, or 3.90 percent, as of 12:50 PM EST.