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Strategies & Market Trends : Stocks Crossing The 13 Week Moving Average <$10.01

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To: ALTERN8 who wrote (12189)	3/11/2003 9:53:01 AM
From: Bucky Katt	Read Replies (1) of 13094

DRESDEN -- Volkswagen AG warned Tuesday that it won't be able to match its 2002 operating profit in 2003, unless car markets in the U.S. and western Europe rebound. Chairman Bernd Pischetsrieder said at the car maker's annual press conference that unfavorable exchange rates will probably also hamper earnings this year. VW -- Europe's biggest auto maker -- posted operating profit for 2002 of €4.76 billion ($5.23 billion). Mr. Pischetsrieder said the year is off to a rocky start, despite an increase in two-month vehicle deliveries. "Due to profound changes and considerable uncertainty in the economic and political framework, the result for the first quarter of 2003 will be significantly lower than the previous year," he said. The news triggered a sharp slide in VW's shares. In late-morning trading in Frankfurt, the shares were down 9% to €29.65 apiece. "We expected a very generalized outlook that wouldn't be positive but we didn't expect 2003 profits would be below the previous year," Metzler Bank analyst Juergen Pieper said. Mr. Pischetsrieder said vehicle deliveries in January and February this year were up 4.5% on the same period a year earlier to about 732,000 vehicles. But most of the increase was in the booming Chinese market, while sales were down in the rest of the world. Some analysts question whether sales in China are as profitable as in North America and western Europe. In its annual report, VW forecast another year of declining auto sales in western Europe and weaker demand in the U.S. Global auto sales should increase only slightly in 2003, VW said.

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