HELSINKI, FINLAND - Nokia may be facing weakening cell phone demand. Analysts noted the demand for printed circuit boards to meet wireless phone requirements is down. Many of these products are supplied by Asian manufacturers including Compeq.
"I think its more noise than anything," he said. "January was very strong for the industry. Things have cooled off a little bit but the handset market looks like it will follow (increased) seasonal trends."

Gelblum said that low orders among component (PCB) makers like Compeq may relate more to shifting market shares, or the popularity of one phone model above another, rather than overall weakness in wireless phone demand.

Nokia shares fell 6% and Texas Instruments shares were also down 3%. Nokia is Texas Instrument's biggest mobile phone chip customer.