Motorola Sings the Euro Blues, and the Market Sees Red

Motorola (MOT Quote) tried to sing the euro blues Wednesday morning. But the market and analysts only heard off-key notes.

The second-largest mobile-phone manufacturer's shares fell as much as 22% earlier today to $20.50 following an early morning, third-quarter earnings conference call in which the company lowered its financial estimates for both next quarter and next year.

Motorola execs pointed fingers at the euro along with declining worldwide handset sales as culprits for the negative guidance. The call came on the heels of the release the previous night of third-quarter earnings per share of 26 cents -- in line with analysts' expectations, according to a First Call/Thomson Financial survey. ...