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Are cell phones no longer a growth business? At least in the fourth quarter, cell phone shipments actually declined. According to Deutsche Bank analyst Brian Modoff, shipments from the top five cell phone manufacturers (Nokia, Samsung, LG, Sony Ericsson, and Motorola) dropped 13 percent year-over-year in the fourth quarter of 2008. Unit shipments decelerated from 14 percent growth in the second quarter to 2 percent growth in the third quarter, and then finally went into negative territory in the fourth quarter. (http://www.mobilecrunch.com/2009/01/26/cell-phone-shipments-no-longer-growing 1/26)

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