Philips, Nokia, Others Liked by Salomon's Howdle, Barron's Says
New York, Feb. 20 (Bloomberg) -- Philips Electronics NV, Nokia Oyj, DaimlerChrysler AG, Telecom Italia Mobile, and Veba AG are among the European stocks recommended by Mark Howdle, European equity analyst with Salomon Smith Barney Inc., Barron's reported. Philips, Europe's largest consumer-electronics maker, is shedding unprofitable units and divesting non-core assets, a plan that could boost the Dutch company's return on equity to 12.5 percent in 2000 from 9.5 percent last year, while Nokia, the world's top maker of cellular phones, is a ''must-have'' stock because of its ''phenomenal earnings growth,'' he said. Howdle also likes London-based oil company BP Amoco Plc and French insurer Axa, Barron's reported.
Olivetti SpA, Italy's No. 2 phone company, said it offered 52.6 billion euros ($59 billion) in cash, stock and bonds for Telecom Italia SpA, parent of Telecom Italia Mobile.
(Barron's 2/22 33 www.barrons.com)
18:27:05 02/20/1999
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