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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 163.32

+2.3%

Nov 21 9:30 AM EST

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To: DiB who wrote (129998)	7/1/2003 9:26:02 AM
From: John Hayman	Read Replies (1) of 152472

8:52am 07/01/03 Verizon to take nearly $3 billion in charges (VZ) By Jeffry Bartash WASHINGTON (CBS.MW) -- Verizon Communications on Tuesday said it will take a noncash charge of $1.6 billion, or 59 cents a share, in fiscal 2003 to reflect a change in how it accounts for its phone-directory business. Part of that charge will be deducted from previously released first-quarter results, the company said. Earnings per share in that quarter have been reset at 87 cents, down from an initially reported $1.41. The accounting change will effectively smoothen out revenue flows in Verizon's yellow-pages unit over the course of each fiscal year, instead of bunching revenue up in certain months. Also, Verizon will take a second-quarter charge of $900 million, or 33 cents, related to its recent decision to sell its stake in Grupo Iusacell. In addition, the carrier will take assorted other charges totaling up to $500 million, or 19 cents a share. Yet full-year projections for revenue and profit from operations are unaffected by the changes, Verizon said.

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