All other third years were double-digit positive, except single-digit positives in 1947 and 1987.

FORBES: Fear Will Fade

Fitch said Nokia needs to stabilize revenues and be capable of generating low-single digit non-IFRS operating profit margins and positive pre-dividend free cash flow, if it is to affirm the current rating.

FORBES: Nokia Debt Rating Downgraded To Junk Status Buy Fitch

Mr Enness acknowledged that not every single one of the 1, 000-strong service personnel would read the memo in a positive way, but stressed that it was worded carefully, and intended as a "wake-up" call.

BBC: fire engine (generic)

Steve Shafer, chief investment officer at Covenant Global Investors, counts both JPMorgan and Wells Fargo among his holdings, but says he is less concerned about short-term data points like a single quarter of earnings than he is with sound management and a positive earnings trajectory over a longer period.

FORBES: Earnings: Are Big Banks Like JPMorgan Ready To Rock, Or Roll Over?