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. ...
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