Hard Sell for Nokia Windows 8 Phones (Video)

Microsoft and Nokia hope their new Windows Lumia phone can take market share from Apple, Samsung and Google, but disappointed investors slammed Nokia’s stock.

The new Lumia failed to impress investors, and shares of Nokia, which once dominated the cell phone market, plummeted 13 percent. It may be their last major shot at reclaiming a market lost to Apple (AAPL.O), Samsung (005930.KS) and Google (GOOG.O).

Microsoft and Nokia hope the new Lumia - sporting a bigger screen and cutting-edge camera technology - will become a potent weapon in an escalating global mobile industry war, but investors said it lacked "wow" and gave it a quick thumbs-down.

Some analysts said Nokia's reticence on dates and prices did not help. Many of the industry analysts who got to see the phone up close in New York said it was a solid device with a few differentiating features, but it did not push the envelope - as Nokia CEO Stephen Elop had said it would.

The Lumia 920 and smaller Lumia 820 run on the latest Windows Phone operating software, which Microsoft hopes will rival Apple's iOS and Google's Android to become a third mobile platform.

If the new phones do not appeal to consumers, it could spell the end for money-losing Nokia and deal a serious blow to Microsoft in its attempts to regain its footing in the market.

While Microsoft CEO Steve Ballmer was all smiles standing with Nokia head Stephen Elop- shares of the Finnish company were tumbling, down 13 percent as Nokia's new Lumia Smartphones, powered by Microsoft's Windows 8 software, got the cold shoulder from investors. In fact Google's Motorola Mobility's new $99 Droid Razr M is already available for pre-order. Two more of the Android powered phones will be out for the holidays, but mum's the word on release dates on the Lumia phones; just hints of upcoming limited releases and no information on pricing.

Most consumers are already tied to the iPhone or Android ecosystems, while Microsoft hopes its Windows Phone operating system will become a third mobile platform but right now it has less than 4 percent of the market. Microsoft is hedging its bets, working with other handset makers like Samsung, which have already announced their Windows 8 phone last week.

Analysts say this may be Nokia's last shot and one that they can't afford to miss.