Nokia cuts their dividend and says their CEO says, "In recent weeks, the macroeconomic environment has deteriorated rapidly, with even weaker consumer confidence, unprecedented currency volatility and credit tightness continuing to impact the mobile communications industry”
Meanwhile, Microsoft "may announce its first companywide job cuts as the software maker trims costs amid slumping demand.", says a Bloomberg Article.
Now, if you think it's a joke that this is a deep recession. You would be wrong. Blue-chip companies with cash are laying off workers and seeing slowing demand for their products. When you see even the most profitable companies scaling back, it is time to pay attention.