• For the second time this week, a large technology company claimed that while things might not yet be getting any better, they do at least seem to have stopped getting worse. After Intel‘s claim that the PC market had “bottomed out”, Nokia said it believed the cellphone market was stabilising. Its shares jumped by 11 per cent on the news.
• Google offered a less encouraging prognosis for a tech recovery. CEO Eric Schmidt said the company was in “uncharted territory” as Google reported the first sequential quarterly fall in revenues in its 11-year history. But with its search business holding up better than other forms of online advertising, Google’s shares held on to the gains of nearly 60 per cent they have notched up since late last year.

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