Elop should pick up the phone
Elop should pick up the phone, his village is calling him and they sorely miss him.
Nokia has spent 15 years instilling an "Everything but Microsoft" mentality into its user populace. Most nokia smartphone users have moved to Nokia in the days when the choice was between WinMob and Nokia and has liked the change. Otherwise they would not be a Nokia user.
Most of that populace will not pick up a Microsoft phone. As a Nokia user I can say - I could have swallowed a move to WebOS or even Little Britain "No, But Yes, But No" Java AKA Android. I am not however going to buy a Windows handset. That is the reaction of most Nokia smartphone users I know and the market is simply picking up the vibe and reflecting it onto the share price.
The only thing to keep Nokia smartphones afloat at this point was the brand loyalty most of which was fuelled by an Anti-(Microsoft/Apple/Google) sentiment. Elop just spat all over that. The market is correct in reacting to this. It is simply the messenger which shows what the users who were going to buy these phones think about this idea.