Define "not looking dead" to you. Look at their sales, share price, market share and profit trajectory in 2011. From the investors and bean counters perspective it's the very definition of dead. They were losing 11% market share in last year alone!!! How is that not dead?

MS actually prolonged Nokia's existence, since only they had the cash to burn on the impossible mission of catching up with Google and Apple ecosystem, while Nokia alone could not sustain those losses by itself.