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.
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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV