Apple's share price has been hit by a sizeable downturn, dropping $25 over night to fall under the $600 mark - a rare piece of financial misfortune for the firm - while Nokia's future looks more uncertain than ever after its debt rating was placed at near junk status.
Apple's share price had risen as high as $644 in April but on Monday it dropped by almost five per cent to return to $580 per share, showing signs the market is aware the firm cannot continue the stellar growth that has propelled its share price up by almost $200 since January.
Despite the slump the firm still remains the most valuable in the technology industry, with its market capitalisation far in excess of rivals and the firm preparing to issue a sizeable share dividend and 445BN buy-back plan that will dent is growing cash pile.
While Apple's share fall is a hiccup for the firm, Nokia's situation appears far more perilous.
The firm had its debt rating graded as "near junk" by ratings agency Moody's on Monday, after the Finnish phone maker had issued a warning that it will not hit its expected targets either this quarter or the next due to lower-than-expected sales.
This caused Moody's to revise its position on the firm, explaining that it was unconvinced Nokia's new strategy would help it recover.
"Nokia's transition from Symbian-based phones to the Windows-based Lumia devices is proving more challenging than expected given that sales of Symbian-based devices are falling off very quickly while Lumia sales are only ramping up slowly," the agency explained in its research note to investors.
In response to the downgrade, Nokia's chief financial officer, Timo Ihamuotila, reassured markets the company was aware of the challenges and is already taking the necessary steps.
"Nokia will continue to increase its focus on lowering the company's cost structure, improving cash flow and maintaining a strong financial position," he said.
Last week the firm was forced to admit that sales of its Lumia devices were not as strong as it had hoped in both existing and emerging markets, notably Africa, China and the Middle East.
The firm is hoping its Lumia 800 and the recently released Lumia 910 can help recapture market share, but lukewarm consumer interest and embarrassing software glitches have hampered its attempt to compete with Apple's iPhone devices and the Android platform.
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