Are investors crazy to bet on Nokia now? Probably

Shares of Finnish mobile device maker up despite huge fourth-quarter loss

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It also shouldn't elude investors that Nokia didn't break out Lumia sales, so there's no way of knowing what percentage of the "more than 1 million" sales were from low-end, low-profit models such as the Lumia 710.

Finally, investors should ignore crazy talk like this from Nokia CEO Stephen Elop: "In the war of ecosystems, clearly there are some strong contenders already on the field. And with Lumia, we have demonstrated that we belong on the field."

That's a prematurely brash statement, though relatively modest compared to what might come out of Microsoft CEO Steve Ballmer's mouth ("All those other smartphones are an embarrassment to technology. The Windows Phone will dominate and destroy.") We'll see what Elop has to say six months from now.

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