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Strategies & Market Trends : Market Gems-Trading Strong Earnings Growth and Momentum
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To: ColtonGang who wrote (6372)3/14/2001 9:33:54 AM
From: ColtonGang  Read Replies (2) of 6445
 
STMicro shares jump after it reassures on first quarter results
Shares in STMicroelectronics (fr:012970) (us:stm) jumped as much as 5.6 percent to €37 on Wednesday, after the chip maker reassured investors it still expected strong growth in first quarter revenues and earnings though less than previously forecast. Investors also appeared to respond positively to STMicro's plan to cut 2001 capital expenditure to $1.9 billion from $2.1 billion and impose stringent cost controls including a hiring freeze. STMicro said it won't meet previous forecasts of 45 cents EPS for first quarter but saw earnings in line with First Call consensus of 39 cents. It said it expects a double-digit revenue rise in the first quarter over last year's $1.7 billion but expected revenues to be below $2 billion.
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