Tech stocks fell on news that chipmaker Intel, a bellwether for tech stocks, cut its profit outlook. Moody's says it plans to review EU sovereign debt ratings, adding to the general market gloom.
LightSquared will launch a new wireless broadband network that aims to provide competition to the incumbent phone companies.
Motorola Inc., which has played a central role in developing the US electronics industry over the past 82 years, will sell its wireless division to Nokia Siemens Networks, a Finnish-German joint venture. The company will then be poised to split its cell phone manufacturing operations from its police radio business.