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Stocks slide on Nokia
Mobile phone leader's warning gives profit takers a reason to sell after several sessions of gains.
April 6, 2004: 9:43 AM EDT

NEW YORK (CNN/Money) - U.S. stocks tumbled early Tuesday after a profit warning from Nokia provided an incentive to take profits after two days of rallying.

After 10 minutes of trading, the Dow Jones industrial average (down 48.15 to 10510.22, Charts) and the Standard & Poor's 500 (down 5.44 to 1145.13, Charts) index both lost close to 0.5 percent, while the Nasdaq composite (down 18.33 to 2060.79, Charts) lost more than 0.8 percent.

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Mobile phone leader Nokia (NOK: down $3.42 to $17.73, Research, Estimates) tumbled after warning that its first-quarter earnings per share would be on the low end of its previous estimated range, and that revenue would fall 2 percent from the same period a year earlier, as a result of sales of cheaper handsets.

The news pressured a number of other telecom gear makers at the open, including Texas Instruments (TXN: down $1.27 to $29.67, Research, Estimates) and Motorola (MOT: down $0.41 to $18.22, Research, Estimates).

But tempering any downward pressure in the market right now is optimism about the economic recovery and earnings, all of which fueled a strong rally on Monday, and late last week.

The start of the first-quarter earnings reporting period will come after the close Tuesday with the release of results by Dow component Alcoa (AA: up $0.21 to $36.10, Research, Estimates). The aluminum producer is thought to have earned 42 cents per share, up from 23 cents a year earlier, according to First Call estimates.

Treasury prices rose, with the 10-year note adding 10/32 of a point in price for a yield of 4.17 percent. The dollar fell versus the euro and gained versus the yen.

Among commodities markets, Brent crude oil futures added 5 cents to $30.55 a barrel. COMEX gold added $4.20 to $420.50 per ounce, bouncing after several sessions of sliding.

In international trade, Asian markets closed mostly higher. European markets fell at midday there.  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.