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Shares of ERIC was down nearly 3% after company said that it first-quarter earnings more than doubled on strong sales of its Walkman music handsets, the company said Friday. Net profit came to euro254 million (US$346 million) in the first three months of the year, up from euro109 million in the same period last year. Sales rose 47 percent to euro2.93 billion (US$3.99 billion) from euro1.99 billion in the first quarter of 2006. Sony Ericsson predicted the global mobile phone market would grow to about 1.1 billion handsets. Looking at the chart stock still trading in a Bull Market above 50 dma and 200 dma, however today reaction to the earnings could mean a turnround in the trend.

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