Updated from 1:57 p.m. EST with new stock prices
Tech stocks were down sharply on fears of a recession that rattled the markets globally. The
moved to stabilize the markets by cutting the fed funds rate by a surprising 75 basis points to 3.5%.
Research In Motion
was up $1.58, or 1.9%, to $90.09 after the company announced updates for its BlackBerry platform.
sank 7.6% ahead of the company's fourth-quarter earnings Wednesday.
Analysts expect the company to report earnings of 13 cents a share in the quarter on revenue of $9.6 billion, compared to 26 cents a share on revenue of $11.8 billion a year ago. Shares of Motorola were off $1.01, hitting a new 52-week low of $12.32.
fell 12% after Goldman Sachs research analysts cut their rating on the stock and adopted a cautious attitude toward the telecom sector on fears of a economic slowdown. The firm downgraded Alcatel Lucent to sell from neutral. The stock declined 83 cents to $6.07.
fell 3.6% on fears of a slowdown in the telecom sector. Shares of the company were off 88 cents to $23.42.
gave up 4.2% after a report in
The Wall Street Journal
that longtime CEO Meg Whitman is preparing to retire. eBay reports its fourth-quarter earnings Wednesday.
Analysts polled by Thomson Financial are expecting EPS of 41 cents for the quarter on revenue of $2.13 billion compared with earnings of 31 cents a share on revenue of $1.71 billion the year before . Shares of the company were down $1.20 to $27.13.
was down $1.02, or 3.1%, to $31.99 despite the company's
announcement that it will bundle a range of virtualization extensions to desktops and add system management tools.
Microsoft also said it will acquire a privately held company,
, for an undisclosed price.