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Nokia, techs drop as TI points to 3G weakness

HELSINKI (Reuters) - Shares in the world's top cell phone maker Nokia (NOK1V.HE) and several other European technology firms fell on Tuesday after Texas Instruments (TXN.N) cut its first-quarter forecasts, citing a weaker 3G market.


Fears that the weakening global economy is biting into consumers' appetite for pricier cell phones sent Nokia shares down 6.6 percent to 20.07 euros ($31.06) by 6:38 a.m. EDT, helping pull the DJ Stoxx European technology index (.SX8P) down 3.1 percent.

"In our view the replacement cycle will slow due to the economy and consumers will increasingly go for cheaper phones over more pricier models," said Carnegie analyst Janne Rantanen.


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