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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 177.78

-2.2%

Jan 9 9:30 AM EST

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To: Craig Schilling who started this subject	9/19/2000 9:05:46 PM
From: Cooters	Read Replies (1) of 152472

Mitsubishi Electric Rises on Earnings Optimism --From AOL.-- Cooters Tokyo, Sept. 20 (Bloomberg) -- Mitsubishi Electric Corp. shares rose as much as 4.6 percent after a newspaper reported Japan's fifth-biggest chipmaker is likely to see a surge in group operating profit thanks to brisk demand for semiconductors used in mobile phones. The shares rose as much as 41 yen to 924, their biggest gain in the past month. About 2.8 million shares traded in the first hour, 40 percent the daily average the last three months. They were most recently at 923. Group operating profit at Mitsubishi Electric will rise to about 190 billion yen ($1.8 billion) in the year to March 2001, compared with 79 billion yen a year earlier, the report in the Nihon Keizai newspaper said. Sales will likely rise 11 percent to about 4.2 trillion yen for the same period, it said. Mitsubishi Electric, while confirming better-than-expected earnings at its communication system division, said the figures in the newspaper report were based on speculation. The company raised its internal forecast for consolidated sales from its communication system business 9 percent to 663 billion yen for the current fiscal year, said Toshio Masujima, a spokesman. That's mainly due to strong demand for mobile phone sets in Asia and Europe. Mitsubishi Electric now expects to sell 27 million mobile phone sets this year, up 8 percent from its initial forecast, Masujima said. Sep/19/2000 21:03 ET

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