Nokia wants to steal the march on Apple -

Former rubber boot maker Nokia is hoping to spoil Apple's iPhone5 launch by announcing its new Windows Mobile phone early.

The company has told Reuters  that it will hold a joint media event with Microsoft in New York on September 5.

This would mean that it will unveil its Windows smartphone upgrade before rival Apple rolls out the iPhone5..

Nokia CEO Stephen Elop yesterday the company would unveil "soon a new smartphone" using Windows Phone 8.

The event will be held a week before Apple's launch.

Both Nokia and Microsoft are hoping that the next Windows-based phone will challenge Apple's iPhone and Samsung's Galaxy smartphone.

Nokia shares are trading at prices that are lower than a flatworm which has found its way to the bottom of a bottomless pit. You can pick one up for $2.55 in Helsinki if you know where to look.

Yesterday Standard & Poor's downgraded Nokia's credit rating to BB - with a "negative" outlook.

Nokia lost 1.53 billion euro in the second quarter and sold only four million Windows phones. But to be fair it always was betting the farm on Windows 8.