Dresdner Kleinwort

When Finnish handset maker Nokia came in with better than expected quarterly results on July 17, the telecom sector was encouraged. Sales and shipments of Nokia's handsets were up. Just as important, a big part of the Finnish company's growth in the quarter came from Nokia Siemens Networks, its joint venture in telecom equipment with Siemens. Sales for the network business surged 18 percent in the quarter, to more than $6.34 billion.