Tech stocks dive as Motorola predicts sales shortfall

NEWS Nasdaq almost reached its lowest point of the year as it dipped another two per cent.
The London Stock Exchange also fell last night, reaching its lowest point since May. Across Europe, exchanges felt the bite. The German Xetra Dax and the French Cac 40 both suffered falls. Although a number of technology market leaders have been issuing profit warnings over the past few weeks, the caveat from Motorola that the demand for mobile telphones was slowing down seems to have sparked last night's tech stocks fallout. The mobile phone company warned that this year's global handset sales will fall up to 25 million short of original estimates, a statement that sent its own shares tumbling by nearly 15 per cent and taking more than six per cent off rivals Ericsson and Nokia.