Is This Nokia’s Final Act?

Today Nokia (NYSE:NOK) and Microsoft (NASDAQ:MSFT) will unveil the struggling Finnish phone company’s most powerful smartphone to date at a joint event in New York. The drama is thick because this could be Nokia’s last attempt to take back a share of the smartphone market already dominated by Google (NASDAQ:GOOG), Apple (NASDAQ:AAPL), and Samsung.

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After the failed Lumia 900 — released Easter Sunday of this year — Nokia is hoping this Windows Phone 8 will push the company’s market share far beyond the three percent currently held by Windows powered smartphones. Windows Phone 8 devices will have more advanced capabilities than their predecessors.  Wired reported that the operating system supports higher-resolution screens, up to 1280 x 720 or 1280 x 768 and dual-core processors.

As Microsoft CEO Steve Ballmer said in a recent interview, Windows 8 is the biggest bet in his company’s history, “it’s a foray into a paradigm shaped and dominated by Apple.”

Leaks claim the phone has been dubbed the Lumia 920 and will boast a 4.5-inch size, Nokia’s PureView camera technology, and wireless charging. A smaller, 4.3-inch phone, the Lumia 820, will also debut.

For Nokia, the mobile-phone maker who lost 95 percent of market value since 2007, the Lumia 920 is the make-or-break device for the company’s resurgence into the U.S. market. If this isn’t a positive catalyst for Nokia’s stock, this could be the closing act for the once dominant phone maker.

Shares of Nokia (NYSE:NOK) are trading lower 14.5% at $2.41 per share as of 3 pm EST today.

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