Don't read too much into the spike. The NOK spike was caused by our old friends the options traders, who by the end of trading had opened 9,293 puts along with only 1,621 calls. The most popular option was for the October $2.50 put that expires at the end of this week (ie. after the earnings call on the 18th). Of 18000 contracts changing hands yesterday, over 10000 were for the $2.50 put. They need the price to drop below $2.39 to break even, which is a fall of over 11% of the current price. So that should tell you where the market thinks the Nokia share price is heading over the coming week.