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Technology Stocks : Nokia (NOK) -- Ignore unavailable to you. Want to Upgrade?

To: Mats Ericsson who wrote (2986)	12/9/1999 10:15:00 PM
From: Walcalla	Read Replies (1) \| Respond to of 34857

12/09/99 - Nokia passes BP Amoco as Europe's biggest company DEC 9, 1999, M2 Communications - Finnish mobile phones giant Nokia has overtaken the oil company BP Amoco as Europe's biggest company. The landmark event took place - quite appropriately - in time for Finland's Independence Day on 6 December. The latest development started on 3 December when Nokia CEO Jorma Ollila presented the company's latest estimates at the annual global analyst meeting in Irving, Texas. Not only did Ollila reaffirm previous statements that Nokia expects to continue a strong growth but he also said that instead of the previously announced expected sales growth of 25% to 35% Nokia is now looking at a 30% to 40% growth for 2000. Nokia's brighter-than-bright expectations for the future had a strong impact on the US investment banks, several of which issued bullish reports increasing their price target for Nokia shares well beyond USD200. Nokia has been performing exceptionally well for some time already, doubling in price since mid-September. The reports noting that the share price is not yet overvalued boosted the share to a new high. Nokia's birthday gift to Finland spread joy across the telecom and electronics segment on the Helsinki Exchanges. On Tuesday 7 December, when the Finnish market opened after the holiday, telecom and electronics shares rose by around 8% causing the HEX index to cross the 13,000 point line.