*** ($24~$27) ERICY outlook lifts telecoms , touching new 52wk High
By Jenny Spitz, CBS.MarketWatch.com
Last Update: 4:18 PM ET Feb. 6, 2004
SAN FRANCISCO (CBS.MW) -- European telecom equipment stocks took off in U.S. trading Friday after Ericsson swung back to a profit.
The Bank of New York European ADR Index rose 2 points to close at 114.17.
Ericsson (ERICY: news, chart, profile) shares jumped $3.07, or 13 percent, to $16.77 after the wireless-networking giant said it expects slight growth in its sector this year and reported a fourth-quarter profit of $13.5 million. See full story.
"Telecom stocks were stronger across the board after Ericsson came out," said Jefferies trader Jim Federlin.
Nokia (NOK: news, chart, profile) shares rose 80 cents, or 4 percent, to $21.27, Alcatel (ALA: news, chart, profile) was up 14 cents to $15.58 and Vodafone (VOD: news, chart, profile) tacked on 94 cents, or 4 percent, to $25.37. In other company-related news, the Wall Street Journal reported that Vodafone is considering a bid for AT&T Wireless (AWE: news, chart, profile). See full story.
Deutsche Bank (DB: news, chart, profile), which climbed 3 percent Thursday after it reported that it tripled its income for the year, ran up another $4.60, or 6 percent, to $84.80 after the German edition of the Financial Times reported that the bank is eying merger opportunities with European rivals.
Business Objects (BOBJ: news, chart, profile) fell 38 cents to $32.28 after the French enterprise software maker reported a fourth-quarter loss of $8.6 million, or 12 cents a share and issued a tepid outlook for the first quarter.
Jenny Spitz is headline editor for CBS.MarketWatch.com in San Francisco. |
