NOKIA (OP, TP EUR6.75): Given the magnitude of Q3 EBIT miss at Ericsson clearly it raises concerns around demand trends for telecom equipment market, and Nokia in particular. We estimate Nokia has ~10% of sales exposure to these regions where Ericsson saw weaknesses. In fact, we believe there could be multiple company-specific reasons for weak Q3 at Ericsson: a) Material headwind likely in its US business; b) Lack of operational control given CEO departure in July and ongoing changes in organizational structure; c) Negligible exposure to Fixed/Optics Networks, which are seeing increased investments (Nokia's wireless exposure is 60% vs. Ericsson at >90%).