Motorola shares hit 5-year low

Fri, 06/20/2008 - 8:15am
Traci Patterson

On Thursday, Motorola’s shares dropped nearly 7 percent, marking a five-year low for the company.

Shares of Motorola were down 6.7 percent to $8.02, and the shares traded as low as $7.61.

American Technology Research analyst Mark McKechnie told the Associated Press that he thinks a report of wary comments from Foxconn International Holdings Ltd. affected the stock. Foxconn, a Hong Kong firm that makes phones for Motorola, told Bloomberg that Motorola was still "having difficulties."

McKechnie also told the AP that the general market sentiment on broad-based handsets "is a bit negative now," while it's "really positive" on smart phones.

Also on Thursday, Nokia was down 3.4 percent, to $24.54, and Apple was up 1.3 percent, at $181.20.

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