Nokia Tumbles Pre-Earnings; Estimates Falling

Nokia shares are taking a big hit ahead of the company’s fourth-quarter earnings report due Thursday morning. Credit Suisse analyst Kulbinder Garcha this morning cut his 2009 handset industry sell-in forecast to down 10 percent, from a previous six percent. He also cut his EPS estimate an extra 13 cents–from 87 to 74–upon expectations of continued loss of demand and inventory.

RIMM: Credit Suisse Contends FY 2010 Estimates Too High

Back on June 26, Credit Suisse analyst Kulbinder Garcha picked up coverage of Research In Motion (RIMM) with an Underperform rating, setting a $100 price target. So far, he’s looking like a genius: RIMM shares are since down 16 percent.