Wireless Sector Plunges as Bad News Keeps Building
09/06/01 - 04:02 PM EDT
Wireless stocks and the companies that make products for the sector were hurting in late afternoon trading, following
that third-quarter revenue would fall short of expectations.
The wave created by Motorola followed the splash made by earlier this week by
, when the Swedish company
offered a gloomy outlook
for the wireless market through 2002.
Shares of Motorola were getting crushed, falling $2.40, or 14.6%, to $14 in afternoon trading.
was down 85 cents, or 6.1%, to $13.
was off $3.31, or 6.2%, to $49.90 and Ericsson fell 15 cents, or 3.7%, to $3.92.
Makers of the equipment for the wireless industry weren't faring any better.
RF Micro Devices
slid $1.49, or 6.6%, to $21.07.
fell $1.49, or 8.1%, to $17, while
was off 65 cents, or 4.9%, to $12.65.
sank $1.12, or 4.5%, to $24.05.
was also on the downside, skidding $1.54, or 5%, to $29.30.
On Thursday, Motorola said third-quarter revenue would be flat with the prior three months. The company previously expected a 5% top line increase. The company forecast a loss of 5 cents to 8 cents a share, wider than previous predictions, and set plans to cut 2,000 additional jobs.