THE NEW PRODUCTS: Nokia revealed its first smartphones to run the next version of Windows. Nokia's new flagship phone is the Lumia 920, which has lenses on its camera that shift to compensate for shaky hands. Nokia also unveiled a cheaper, mid-range phone, without the special lenses.

UNKNOWN: Nokia says the new phones will go on sale in the fourth quarter in "select markets." The company didn't say what they would cost or which U.S. carriers would have them.

THE RESPONSE: Nokia's stock fell sharply. Investors seem to have expected more specifics, or an earlier launch.