MONI - Marconi Nasdaq ADR Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : MONI - Marconi Nasdaq ADR

MONI 0.00346

-3.9%

Nov 7 9:30 AM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: danofthebes who started this subject	10/1/2001 8:25:44 PM
From: ms.smartest.person	of 129

Marconi says it might not meet goals Shares fall 30% as Marconi says it may not hit numbers By Madeleine Acey, FTMarketWatch 5:44:00 PM BST Oct 1, 2001 LONDON (FTMW) - Shares in troubled telecoms equipment maker Marconi fell 30 percent to new record lows in London on Monday after the company quietly told U.S. investment authorities that it might not meet its own reduced first half forecast. The British company warned investors on September 4 that it would make a first half loss of around £227 million. But in a filing to the Securities and Exchange Commission Marconi [UK:MONI, News, Chart, Research] [US:MONI, News, Chart, Research] said that the terror attacks on the U.S. of September 11 had increased uncertainty in its market and it therefore couldn't provide an assurance that it would meet that number. "There can be no assurance that the actions we announced on September 4 will be sufficient to offset the decline in group sales or that we will be able to achieve our forecasts...," it said. 13p stock A Marconi spokesman categorically denied that the filing constituted a profit warning but debt holders and those who have continued holding and buying the stock on its decline from £12.75 a year ago appear to judge it that way. The stock hit a fresh low of 12.25 pence as news of the detail of the filing finally seeped into the London market. It closed at 13 pence. The spokesman said it had to provide the SEC with a list of risk factors in its routine filings and that the statement was merely a list of factors that faced the company along with all others in its industry. Asked if he could say the company remained confident in its forecast of September 4, he said to comment on that would be to provide material information and the company would stick to its plan to make a trading update on October 15. "Market demand for communications products and services has declined and may continue to decline," the statement said. "If market demand for our communications products does not recover and our cost cutting measurers are insufficient to offset the effect of the decline in demand, our profitability may further decline." A company spokesman told FTMarketWatch that Marconi had yet to see damage to its market position which could be attributed to the fallout from the Sept. 11 attacks but was being "prudent and cautious" in advising the SEC that it could be affected. ftmarketwatch.com{ACB8E304-9DAB-47F8-8814-2121686CB06B}

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next