Motorola delivered some hope for a market battered by interest rate fears when it reported blowout results after the close on Tuesday.

Motorola's earnings of 18 cents a share crushed 7-cent estimates, and revenues of $8.6 billion came in way ahead of $6.75 million estimates. Motorola also hiked forward guidance well above estimates. The stock soared 20% after hours.

Also after the close, AskJeeves beat estimates but warned, WebEx, Internet Security and StorageTek missed estimates, Sanmina met estimates, and CheckFree, Cymer and Applied Micro beat estimates.

Stocks plunged during the day after comments by Fed Chairman Alan Greenspan that banks are well positioned for higher interest rates were taken as a sign that the Fed may raise interest rates. Greenspan also said that deflation is no longer concern, signaling a likely policy shift by the Fed toward inflation.

The Nasdaq plunged 41 to 1978, the S&P 500 dropped 17 to 1118, and the Dow fell 123 to 10,314. Volume rose to 1.51 billion shares on the NYSE, and 1.93 billion on the Nasdaq. Decliners led 25-7 on the NYSE, and 22-9 on the Nasdaq. Downside volume was 80% on the NYSE, and 82% on the Nasdaq. New highs-new lows were 104-70 on the NYSE, and 120-34 on the Nasdaq.

Lucent tumbled 10% despite beating estimates.

Netopia plunged 37% after missing estimates.

j2 Global surged 14% after beating estimates.

JDA Software and Ameritrade fell on their results, while Check Point EarthLink and SupportSoft rose after beating estimates.

Cray gained 10% on an Army supercomputer deal.

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