Tech Winners & Losers: Verizon

Tech stocks plunged into the red Monday, along with the major market indices, following mixed earnings reports from Verizon(VZ Quote) and Sirius(SIRI Quote).

Verizon lost 82 cents, or 2.4%, to $33.63. The company topped profit estimates for the second quarter but fell short of analysts' revenue targets. Verizon reported net income of $1.88 billion, or 66 cents a share, vs. $1.68 billion, or 58 cents a share, a year ago. Excluding charges, the company posted profit of 67 cents a share, 2 cents better than the average estimate. Sales rose 3.7% to $24.12 billion but fell short of Street's expectations of $24.17 billion.

Motorola(MOT Quote) was down 21 cents, or 2.9%, to $7.05. The company said it plans to reorganize its home and networks mobility unit into three separate businesses as part of its turnaround plan. The three new units will be broadband home solutions, broadband access solutions, and cellular networks.

Shares of Sirius fell 23 cents, or 10.2%, to $2.02. The company finally bagged the Federal Communications Commission's approval for its merger over the weekend with its rival XM Satellite Radio(XMSR Quote). In its preliminary earnings report, Sirius said it ended the quarter with 8.9 million subscribers. Revenue rose 25% to $283 million, while subscriber turnover rate fell to 1.6% from 2.1%. The company's loss for the quarter, excluding special items, narrowed to $24 million from $79 million a year ago. XM Satellite Radio shares shed 53 cents, or 5.7%, to $8.75.

Chinese web portal Sohu.com(SOHU Quote) shed $4.65, or 5.6%, to $78.17 after it reported second-quarter results. Advertising revenue was up 53% from a year ago to $43.4 million, while online games revenue rose 11.5% from a year ago to $47.9 million. Revenue rose to $101.9 million from $84.8 million the year-before. Sohu.com also plans to list its games unit Changyou.com on the U.S. market, with Sohu as its majority shareholder.