NOK was cut to "sell" from "neutral" at MKM Partners, sending the stock to a pre-market loss of 4.4%. The shares have already shed about 39% of their value year-to-date, and NOK is now set to retreat back below its 10-day moving average, after toppling this trendline amid Tuesday's broad-based rally. This trendline has smacked the security steadily lower since the start of April. Most analysts have already fled NOK's bullish bandwagon, with only two brokerage firms out of 24 offering up a "buy" recommendation.

Nokia (NOK: NYSE) By MKM Partners ($2.95, May 30, 2012)

We are downgrading Nokia to Sell from Neutral following our U.S. retail Lumia model checks.

Our new price target of $2 [down from $4] is based on our estimate of the value of the company's intellectual property, which we peg at slightly more than $7 billion.

We assume no value for the handset business and no value for the roughly four billion euros [about $5 billion] in net ...