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Politics : Formerly About Applied Materials

AMAT 256.41

+1.1%

Dec 19 9:30 AM EST

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To: Proud_Infidel who wrote (39067)	11/1/2000 11:33:10 PM
From: Proud_Infidel	Read Replies (1) of 70976

Compaq says European sales pace to defy euro moves MAIHAMA, Japan, Nov 2 (Reuters) - Compaq Computer Corp (NYSE:CPQ - news) said on Thursday it expected sales of personal computers in Europe to continue at the same pace in the October-December period, despite volatility in the euro. Michael Capellas, chairman and chief executive of the world's number one personal computer maker, told a news conference: ``During the (third) quarter, revenue was up eight percent -- 21 percent in local currency terms -- and I think you'll see that trend continue in the fourth quarter.'' Compaq said last week its third-quarter profit surged on strong sales across all product lines, but warned fourth-quarter profit would be hurt by a weak euro. A weak single currency, which reduces corporate earnings when converted into dollars, has weighed on profits at other big technology companies, such as International Business Machines Corp. (NYSE:IBM - news) and Intel Corp. (NasdaqNM:INTC - news). Capellas said Compaq was prepared against the risk of continued weakness in the October-December period. ``We hedged the euro very early in the quarter -- it looks like a pretty good strategy.'' The weak European currency would lop as much as $100 million from pretax profits in the fourth quarter, the Houston-based computer maker said last week.

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