Nokia (NOK) has been very slow moving into the market for high-end smartphones, especially in the US. There are plenty of Apple (AAPL) iPhones and RIM (RIMM) Blackberries on the shelves. Samsung has even come to market with its cool new Instinct handset, the new flagship of the Sprint (S) wireless portfolio.

But, Nokia has 40% of the world’s cellphone market. It can afford to be slow. It carries big wood.

Over the last several years, Nokia has spent its time sucking up market share in places like India and China. It has offered inexpensive phones with modest features. By some estimates, it has 50% of the Chinese market.

What Nokia does not have is a particularly impressive piece of the US market. Motorola (MOT), crippled and dying, remains the leader in its home market. That may not continue for long. Samsung, Sony Ericsson, and Nokia would all like to dethrone the creator of the Razr.

Nokia introduced its first touchscreen handset today. The company’s CEO said that he believes it offers consumers a powerful suite of services from e-mail to downloaded music.

Apple and RIM have been trading at 50% discounts to their 52-week highs. They may want to get used to it.

Douglas A. McIntyre

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