07/19/2012 02:06 pm ET

Nokia's Bad Call On Smartphones

More than seven years before Apple Inc. AAPL +1.05% rolled out the iPhone, the Nokia team showed a phone with a color touch screen set above a single button. The device was shown locating a restaurant, playing a racing game and ordering lipstick. In the late 1990s, Nokia secretly developed another alluring product: a tablet computer with a wireless connection and touch screen—all features today of the hot-selling Apple iPad.

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