Updated from 2:29 p.m. EST with new stock prices
Tech stocks were mostly trading lower Wednesday as the sector reeled from a selloff in Apple shares, even as Wall Street grappled with fears of a severe economic slowdown.
plunged $16.57, 10.7%, to $139.07 on sluggish iPod sales and a disappointing forecast for the current quarter.
Apple posted a first-quarter profit of $1.58 billion, or $1.76 a share, compared with profit of $1 billion, or $1.14 a share, a year ago. Revenue for the quarter was $9.6 billion, compared with $7.1 billion a year ago. Analysts polled by Thomson Financial were expecting EPS of $1.62 a share on revenue of $9.46 billion.
For the second quarter, Apple guided for revenue of $6.8 billion and earnings of 94 cents a share. Analysts were expecting revenue of $6.98 billion and EPS of $1.09. The company said iPod sales grew 5% last quarter, compared with 50% in the year-ago quarter.
declined $2.34, or 19%, to $9.98 after it offered a weaker-than-expected guidance.
For the fourth quarter, Motorola
reported adjusted profit of 14 cents a share, down from 26 cents a year ago, but a penny better than analysts' expectations of 13 cents.
Motorola said it expects earnings of about 6 cents a share, before items, in the first quarter. Analysts were looking for an adjusted profit of 10 cents.
bucked the trend as the stock rose $1.24, or around 4%, to $30.22, a day after it reported
a 13% increase in its bottom line in the fourth quarter and guided slightly ahead of Wall Street expectations for the current quarter.
and its rival
also fared well as investors favored the chip sector. Shares of Intel rose $1.35, or 7.3%, to $19.98, while AMD gained 74 cents, or 10.8%, to $7.57.
Research In Motion
declined $2.08, or 2.3%, to $88.00 on fears of that a slowdown in the economy could affect IT spending by businesses and consumer demand for the company's mobile phones.
fell $35.73, or 6.1%, to $548.62, more than a week ahead of the company's earnings report, on the large selloff in the tech sector.
was up 32 cents, or 3.2%, to $10.49 after the company said its chief financial officer, Michael Rashkin, resigned citing personal health reasons. Marvell named George A. de Urioste its interim CFO.