RealTime IT News

Motorola, Jobs Report Hit Stocks

A warning from Motorola and stronger than expected employment and wage growth had stocks on the defensive Friday.

Motorola shares tumbled nearly 8% after the company said its earnings and sales will come in well below Wall Street estimates. The news also hit shares of rival Nokia , along with suppliers like RF Micro and Silicon Labs .

The broader market got hit on much stronger than expected job and wage growth, which raised fears that the Federal Reserve could resume its rate-hike campaign. At a minimum, the report put hopes for a rate cut on hold.

Network Equipment , Xyratex and Saba gained on their earnings news.

RightNow , Openwave , Micrel and Global Payments fell on their numbers.

Nvidia shed 6% on a downgrade.

The Nasdaq fell 19 to 2434, the S&P 500 lost 8 to 1409, and the Dow tumbled 82 to 12,398. Volume rose to 2.99 billion shares on the NYSE, and declined to 2.14 billion on the Nasdaq. Decliners led 24-8 on the NYSE, and 22-8 on the Nasdaq. Downside volume was 75% on the NYSE, and 69% on the Nasdaq. New highs-new lows were 103-35 on the NYSE, and 68-53 on the Nasdaq.