Nokia Shows Off Windows Smartphone

The market doesn't respond well and the company's stock drops

Nokia revealed its first smartphones to run the next version of Windows, a big step for a company that has bet its future on an alliance with Microsoft. Investors were disappointed, and Nokia's stock fell sharply on Wednesday.

Nokia Corp.'s new flagship phone is the Lumia 920, which runs Windows Phone 8. The lenses on its camera shift to compensate for shaky hands, resulting in sharper images in low light and smoother video capture, Nokia said. It can also be charged without being plugged in; the user just places it on a wireless charging pod.