Nokia's dreadful quarter could offer compelling entry point

Nokia (NOK) posted a lot of static with its quarterly report Thursday, leading investors to drop shares of the world's largest cellphone maker in the toilet. Nokia has some serious challenges in the fast-growing smartphone market, namely that everyone -- not just Apple (AAPL) and Research in Motion (RIMM) -- are jumping in at its expense.

However, with shares off 12 percent since earnings disappointed the Street, this could be a good entry point to make a longterm bet that Nokia will get its act together sooner rather than later.