News of a blockbuster telecom equipment deal between Nokia (Quote) and Siemens (Quote) did little to help the rest of the sector on Monday.
Nortel (Quote) shares fared the worst, shedding 10% on competitive concerns, as the company was already left behind by the pending merger between Lucent (Quote) and Alcatel (Quote).
Motorola (Quote) is another company that may now need to look for a partner, analysts said, but Motorola shares held up better on the day than Nortel, which has been battered on accounting issues and losses. Nortel shares have slid from $8.50 in early 2004 to close at $2.04 on Monday.
Juniper (Quote) was another losing ground on Monday, falling 5% despite having a router deal with Siemens.
Vonage (Quote) continued its dismal post-IPO performance, losing 11% on a patent infringement lawsuit from Verizon (Quote). Vonage has now lost half its value from its debut last month.
The broader market stumbled Monday after a survey of home builder sentiment hit its lowest level in 11 years.
The Nasdaq lost 19 to 2110, the S&P 500 fell 11 to 1240, and the Dow dropped 72 at 10,942. Volume declined to 2.16 billion shares on the NYSE, and 1.75 billion on the Nasdaq. Decliners led 24-8 on the NYSE, and 22-8 on the Nasdaq. Downside volume was 79% on the NYSE, and 75% on the Nasdaq. New highs-new lows were 31-156 on the NYSE, and 51-138 on the Nasdaq.
Peerless (Quote) fell 21% on the loss of an OEM deal, while Monster (Quote) gained 4.5% on an upgrade.
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