TECH STOCKS: Nokia News Sends Markets Lower - InformationWeek
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9/9/2003
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TECH STOCKS: Nokia News Sends Markets Lower

Analysts were disappointed with the cell-phone maker's revenue outlook, and traders did some selling to lock in recent gains.

A less-than-stellar revenue outlook from Nokia Corp. struck a spree of profit taking Tuesday. "The market took its cue from Nokia," John Caldwell, chief equity strategist for McDonald Financial Group, told The Associated Press.

All major indexes were slightly lower. The Nasdaq fell 0.8%, or 15.19 points, to end the day at 1,873.43. The Dow Jones industrials fell 0.8%, or 79.09 points, to 9,507.20. And the S&P 500 fell 0.8%, or 8.47 points, to 1,023.16.

Our InformationWeek 100 fell 1.04 points, or 0.4%, to wind up at 293.63 at Tuesday's close. The Nasdaq-100 was down 44 cents, or 1.3%, at $34.06 on moderate trading volume of 76 million shares.

Nokia fell $1.09 to $15.98 after the cell-phone maker said it expects third-quarter revenue to be flat or slightly above forecasts. That disappointed analysts hoping for a more robust outlook.

Stocks have surged in the last month on brokerage upgrades and economic reports, but analysts say rising interest rates and weak employment could still threaten the rally. Also, stocks may be due for a pullback after rising so rapidly.

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