Nokia mobile handsets - Nokia have lacked direction for years, the last really good phone was the 6310.
At the high end of the market, where the profit is, they have nothing. They have lived on reputation, Sony style, for so long (I mean, only the most loyal Nokia fan would have bought the likes of N95 and N96, and I'm sure chrisgixer will add his 2p on n900), now they are a joke.
Symbian has always suffered from being a kernel, so too expensive for handset developers to develop for (Android needs to take heed of this as well!), thus they all have that same, very basic UI. Symbian, like Google, say the UI is down to handset maker - hopefully Google will take that flawed strategy and change it, crApple needs a serious competitor.
Cheaper Nokias may sell in the millions, but very low margin, so not really a big money spinner.
Nokia's mobile business includes infrastructure products, and Nokia makes good money from this.
Nokia are also quite big in networking. OK, some of their firewalls are pants IMHO, but they shift a fair few, and at 'enterprise' prices
MS are in no position to buy Nokia, nor would it fit their strategy. Shame, as MS needs to lose HTC, who are bloody hopeless, and probably singlehandedly responsible for Win Mobile 6's demise. Poorly designed products, and very bad OS implementation (hence the massive market for (illegal) homebrew cooked roms). MS would be better to buy HTC than Nokia, or quite simply design/sell their own handset.