Alcatel (ALA) and France Message Board

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Technology Stocks : Alcatel (ALA) and France

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To: Steve Fancy who started this subject	6/26/2002 6:05:22 AM
From: elmatador	of 3891

Alcatel down 21% on profits warning By Raphael Minder in Paris Published: June 26 2002 9:52 \| Last Updated: June 26 2002 9:52 Alcatel shares tumbled on Wednesday after Europe's biggest provider of telecommunications equipment forecast a full-year loss and announced a further round of restructuring. The French company, which had previously predicted an operating profit for this year, also lowered its forecast for sales. It said that sales would be unchanged in the second quarter from the first quarter, having previously indicated that it expected a rebound this quarter. Alcatel said it would take a full-year charge of €1.2bn ($1.19bn) to cover unspecified additional restructuring steps. The company already shed about 24,000 jobs last year to respond to the slowdown in demand. Alcatel shares were down 21 per cent at €7.4 in morning trading in Paris. Alcatel's profit warning comes amid widespread problems in the telecoms industry, with some of the alternative network operators that have been among Alcatel's clients recently filing for bankruptcy. Earlier on Wednesday WorldCom added to the sector's woes by disclosing that it had inflated profit. However, Alcatel had released in April reassuring earnings for the first quarter, suggesting it was maintaining margins despite the slowdown.

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