Motorola shares plunge to multi-year low

Shares of Motorola hit their lowest level in more than decade as telecom gear stocks in general were hit by market shakiness, an Associated Press report said.

The stock was down 4.3%, in afternoon trading.

The Associated Press report further quoted analyst Jim Suva at Citigroup said Motorola should post satisfactory results for the third quarter on October. 30.

He expects it to report shipping 28.4 million phones, above the average analyst estimate of 27.2 million.

But Suva is concerned about results in the fourth quarter and beyond. The headwinds are increasing for the company, he wrote, as consumers switch to 'smart' phones and carriers cut subsidies on phones that don't use their latest data networks.

Citigroup analysts also lowered their projections for next year's global cell phone industry sales from 1.341 billion to 1.309 billion units.