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Stocks take a big hit at openU.S. markets tumble as Apple earnings outlook scares investors.NEW YORK (CNNMoney.com) -- Apple's disappointing outlook sent tech stocks reeling at the start of trading Wednesday, with investors still bothered by the prospects of a recession. The tech-laden Nasdaq composite index lost nearly 3 percent. The Dow Jones industrial average fell 188 points, or more than 1.5 percent. The Standard & Poor's 500 index dropped 1.1 percent. Apple (AAPL, Fortune 500) posted record quarterly earnings late Tuesday but issued an outlook for revenue and earnings that both fell far short of forecasts, further raising fears that even hot companies won't be immune to the downturn in the U.S. economy. Motorola (MOT, Fortune 500), the nation's largest cell phone maker, announced a sharp drop in earnings and said it now is looking for a loss of 5 to 7 cents a share in the current quarter, rather than the 10 cents a share profit that had been forecast by earnings tracker Thomson First Call. Chipmaker Texas Instruments (TXN, Fortune 500) said fourth-quarter profit rose 10 percent on strong sales, as it topped forecasts. Shares gained 4 percent in after-hours trading Tuesday. Early Wednesday, Dow component United Technologies (UTX, Fortune 500) reported better than forecast earnings for the fourth quarter. The diversified manufacturer also reaffirmed its 2008 outlook which put full-year earnings at or below the current First Call forecast. |
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