Siemens Message Board - Msg: 16947931

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Technology Stocks : Siemens

SI 11.24

-0.4%

Nov 6 3:59 PM EST

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To: elmatador who started this subject	1/23/2002 9:30:27 AM
From: elmatador	Read Replies (1) of 356

Merrill stays 'neutal' on Siemens stock (SI, DE:723610) By Emily Church Merrill Lynch say it's remaining "neutral" on Siemens (US:SI) stock after the German company topped net profit estmates for its fiscal first quarter, but missed Merrill's esitmate for operating earnings. "On balance we believe that the numbers appear better on the surface than in the quality of the underlying performance (especially in terms of cashflow)," analyst Bram Cornelisse tells clients. "In the Information & Communication division, ICN (fixed line) performed far worse than our expectations in terms of sales and earnings," he noted. "We believe that the voice switching business is starting to feel the pinch as well as a weak market in the US for DSL... We are disappointed by the lack of restructuring actions taken so far and the company is still reviewing the scope of its business (especially in the U.S.)." Siemens (DE:723610) shares were flat in Frankfurt.

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