LONDON -- Wireless-related stocks dragged down the London market Tuesday.
has reportedly had a bust-up with its partners in the Italian
is suffering from the
postponement of the float of
, its venture with
Add in a 5.5% slump in shares of
, the European giant electronics and semiconductor stock, after it said that third-quarter income from its mobile-phone unit was zero and cut its forecast for mobile-phone sales this year to 14 million from 18 million. It all looks very uninviting.
By midday, the
was down 58 points to 6227.50 and the
was 68 points lower to 3379.
As a result of the reports, BT found itself marked down below 700p as its shares fell 24.5p to 696 ($9.95) and Vodafone handed back 6.75p of its recent gains as it slipped to 256.
But the FTSE 100's biggest loser so far is IT-services company
. The sector has come under pressure on talk that two brokers have downgraded CMG. The company's shares have fallen 9.3% to
11.99, but some phlegmatic sources are unfazed, suggesting that the two downgrades have come from brokers that may have been overenthusiastic in their previous forecasts.
Nevertheless, there has been a definite knock-on effect.
, which announced a joint venture with leading insurers to create an Internet portal, fell 43p to 677, while
dropped 49p to 920.
On the Continent it was a different story. The
in Paris was up 33 points to 6121 and the
in Frankfurt was up 8 to 6635.
Although Philips was down 1.80 euros to 43.70 ($37.15), the stocks it dragged down in its wake --
-- managed to recover. By midday, Nokia was up 0.25 euro to 39.25 and Alcatel was up 1.10 euros to 77.10.