Stockwatch Daily: Confused markets show promise

NEWS While London technology companies were broadly up, other European exchanges fluctuated around the evens mark. The FTSE TechMARK index rose two per cent in early trading to 1877 points, with the FTSE100 up under half a per cent to 5829 points. The bad news from Motorola dampened what could have otherwise been a confident start after a six per cent rise on the Nasdaq yesterday. The communications and chips giant completely missed its already lowered earnings forecasts yesterday, posting a loss per share of nine cents, compared to the seven cents Wall Street was expecting. In the equivalent quarter last year it earned 21 cents per share. The company may be forced to close its 3,000 man Bathgate plant in West Lothian. However, the Motorola news was mitigated by much more positive news from UK chip company ARM, which announced its first quarter results as markets opened this morning. Its stock was up 14 per cent in early trading, with Vodafone also leading tech's upward - rising 1.3 out of the gate. BT also rose 1.4 per cent. European investors are also waiting for a European Central Bank meeting, which is expected to lower interest rates later today.