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Technology Stocks : Nokia (NOK)

NOK 6.035

-9.1%

Nov 19 3:59 PM EST

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To: Eric L who wrote (16684)	11/20/2001 2:15:58 PM
From: Ruffian	Read Replies (1) of 34857

ALERT-DB Alex Brown cuts handset shipment estimates CHICAGO, Nov 20 (Reuters) - Deutsche Banc Alex. Brown on Tuesday cut its forecasts for global industrywide handset shipments through 2003, citing continued weakness in subscriber growth and replacement rates in Europe and Latin America. ADVERTISEMENT Telecommunications equipment analyst Brian Modoff cut his expectation for 2001 industrywide handset shipments to 383 million units from 389 units. He cut his estimate for 2002 to 432 million units from 440 million and for 2003 to 490 million units from 503 million. ``The $50,000 question remains 'how long do we run along the bottom before fundamental strength returns?','' he said in a research note. Despite his lowered estimates, Modoff said the impact on Qualcomm Inc. (NasdaqNM:QCOM - news) and Motorola Inc. (NYSE:MOT - news) would be minimal. Modoff said Motorola may see modestly reduced fourth-quarter revenues as a result of the lower unit shipments, but that would be more than offset by its recent strength in CDMA (Code Division Multiple Access). CDMA, developed by Qualcomm, is one of three technologies used in the world for wireless networks. Qualcomm would also be relatively unaffected by the lower unit shipments because the bulk of the reduction comes from Europe where CDMA networks are minimal, Modoff said.

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