SCHAUMBURG, Ill. - Shares of Motorola Inc. tumbled to a five-year low Thursday on the latest pessimistic outlook for the cell-phone manufacturer.
The company's stock was down 51 cents, or 5.9 percent, to $8.09 Thursday after dipping to $7.61, its lowest price since May 2003.
American Technology Research analyst Mark McKechnie said a report of cautious comments made by Foxconn International Holdings Ltd., which is Motorola's primary contract manufacturer, may have hit the stock along with general issues in the handset market.
The Schaumburg-based company was not the only handset maker to suffer a stock setback. Nokia Corp.'s American Depositary Shares fell 91 cents, or 3.6 percent, to $24.50 after touching $24.37, their lowest level since April 2007.
Motorola, which lost $194 million in the first quarter, is in the midst of a reorganization that includes splitting itself into two publicly traded companies. The company has been in a tailspin since 2006, with sales and market share declining sharply.
The company's stock was down 51 cents, or 5.9 percent, to $8.09 Thursday after dipping to $7.61, its lowest price since May 2003.
American Technology Research analyst Mark McKechnie said a report of cautious comments made by Foxconn International Holdings Ltd., which is Motorola's primary contract manufacturer, may have hit the stock along with general issues in the handset market.
The Schaumburg-based company was not the only handset maker to suffer a stock setback. Nokia Corp.'s American Depositary Shares fell 91 cents, or 3.6 percent, to $24.50 after touching $24.37, their lowest level since April 2007.
Motorola, which lost $194 million in the first quarter, is in the midst of a reorganization that includes splitting itself into two publicly traded companies. The company has been in a tailspin since 2006, with sales and market share declining sharply.
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