Wheelrider, I had that problem. Is your bike old or new? My bike is older and the stem was in the same colour as the bike. Newer bikes the stem is black. I now realise that my stem was always not quite right, even when it was new, the stem had to be tightened until the hinge was stiff.
Now I have a black stem. It seems much better, it folds freely and doesn't wobble at all. I think the old stems were made from a different alloy.
"Once you try black, you'll never go back"
:-)
Part was £45ish. Bike was only out of my hands for about an hour. Too many miles for a warranty repair, even though I think the looseness of the joint caused the wear that made it worse and worse.
http://www.bikeforums.net/showthread...9-Wobbly-mezzo