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Strategies & Market Trends : Technical analysis for shorts & longs

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To: Johnny Canuck who wrote (35891)	1/15/2002 3:22:07 AM
From: Johnny Canuck	Read Replies (1) of 69606

Telecom equipment manufacturers such as France's Alcatel , Germany's Siemens and Finland's Nokia are seen under pressure after the world's largest maker of fiber-optic cable, Corning (NYSE:GLW - news), said overnight it will take a $178 million fourth-quarter charge and post a larger loss as a result. ``Sentiment on telecom equipment stocks has changed over the past few weeks, for the worse. Several handset component makers have published negative comments about demand which the market has taken as a forward indicator for companies such as Alcatel, Nokia and Siemens,'' said the WestLB Panmure trader. On Monday German mobile phone casings maker Balda cut its 2001 earnings forecast after poor business over the Christmas period. British telecoms equipment maker Marconi (quote from Yahoo! UK & Ireland: MONI.L) further damaged sentiment by forecasting difficult times ahead. It now sees a less pronounced uplift in third and fourth quarter sales. UK supermarkets are seen active after earnings updates from Somerfield (quote from Yahoo! UK & Ireland: SOF.L), Safeway (quote from Yahoo! UK & Ireland: SFW.L) and Tesco (quote from Yahoo! UK & Ireland: TSCO.L). The retail sector is expected to be active when H&M the world's largest fashion retailer by market capitalisation, publishes its December sales figures. The Swedish group is expected to post a 20.5 percent sales increase month-on-month. In the insurance sector Zurich Financial Services looked set to open lower after the Swiss giant said it will offer 600 million Swiss francs in convertible paper. French reinsurer SCOR lowered its forecast for its 2001 results to a loss of 250 million euros after a surge in claims towards the end of the year. Oil stocks such as BP (quote from Yahoo! UK & Ireland: BP.L) and Royal Dutch Shell (quote from Yahoo! UK & Ireland: SHEL.L) are expected to underperform the broader market after a steep fall in crude prices in New York on warmer weather reports in the northern hemisphere. biz.yahoo.com

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