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Technology Stocks : Ericsson overlook?
ERIC 9.720-1.3%Nov 14 9:30 AM EST
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To: vpelt who wrote (3873)1/28/2000 12:32:00 PM
From: Raptech  Read Replies (1) of 5390
 
Many of the news wires are picking it up as a 4 for 1 which makes sense. Following just one of many:

RESEARCH ALERT - SG Cowen ups Ericsson to buy
NEW YORK, Jan 28 (Reuters) - SG Cowen analyst Wojtek Uzdelewicz said Friday he raised his rating on Swedish telecommunications firm Ericsson (NasdaqNM:ERICY - news) to buy from neutral after the company posted strong earnings and gave an upbeat outlook for 2000.

-- Ericsson's ADRs were up 6-3/8 trading at 72 on the Nasdaq stock market.

-- Uzdelewicz said after adjusting for investment gains and lower tax rate Ericsson posted fourth-quarter earnings of 33 cents a share over SG Cowen's and the consensus estimate of 31 cents a share.

-- said earnings were driven by higher-than-expected revenues and gross margins.

-- said total revenues increased by 25 percent year-over-year to $8.7 billion and were better than expected by $600 million due to higher wireless handset sales.

-- said total infrastructure sales were slightly lower than expected due to flat wireline sales. However, wireless infrastructure sales remained strong, increasing by 38 percent year-over-year.

-- said the major positive surprise was wireless handset revenue, which increased by 33 percent while Uzdelewicz was looking for a 5-6 percent increase.

-- said operating margins for wireless handsets remained somewhat depressed at 5.6 percent.

-- said overall orders increased by 40 percent while gross margins of 42.5 percent were better than expected by 50 percent.

-- said Ericsson expects to grow top line by 20 percent in 2000 versus Uzdelewicz's expectations of 14 percent.

-- Ericsson also announced a 4-for-1 stock split.

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