This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wireless Sector Plunges as Bad News Keeps Building

Wireless stocks and the companies that make products for the sector were hurting in late afternoon trading, following Motorola's (MOT) warning that third-quarter revenue would fall short of expectations.

The wave created by Motorola followed the splash made by earlier this week by Ericsson (ERICY), 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. Nokia (NOK) was down 85 cents, or 6.1%, to $13. Qualcomm (QCOM) 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 (RFMD) slid $1.49, or 6.6%, to $21.07. Triquint Semiconductor (TQNT) fell $1.49, or 8.1%, to $17, while Anadigics (ANAD) was off 65 cents, or 4.9%, to $12.65. Alpha Industries (AHAA) sank $1.12, or 4.5%, to $24.05. Texas Instruments (TXN) 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.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $132.34 2.10%
FB $81.62 -0.96%
GOOG $565.06 0.00%
TSLA $218.42 0.00%
YHOO $44.52 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs