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

To: tero kuittinen who wrote (4936)	5/20/2000 11:31:00 AM
From: A.L. Reagan	Respond to of 34857

Nokia is very conservatively hedged against currency swings. Thanks for the reply, Tero. I assumed that like any prudent multi-national true "export" sales are hedged. If we sell from Finland to the Brits, the pound/euro is hedged. If we sell from a U.S. plant to say Mexico, dollar/peso is hedged. Same program on supply contracts, no doubt. Where it gets more interesting is in the case of say a European company that does 80% of its business (with a matching set of assets) in its home country and say 20% out of the U.S. Such a company, if it hedged its currency exposure, thus might be hedging 80% of its results into constant euros. Its ADR's would by definition get trashed if the euro slid against the dollar and the shares, in euros, stayed the same price. While I appreciate your viewpoint on the likely course of the USD vs. euro (and hope you are correct), the historical reality is as follows ceteris paribus: - a big U.S. trade deficit = weaker dollar - increase in U.S. S/T interest rates = stronger dollar Typically the latter has the faster effect since funds can be exchanged instantaneously. Cash will move out of euros and into USD to take advantage of higher U.S. rates. Even though hiking rates means a stronger U.S. dollar which would tend to increase U.S. trade deficit (imports to the USA costing fewer real dollars) our merry U.S. Fedmeisters hope that soon we will all be too broke to buy anything from Finland or anywhere else (at least on credit!) Lastly, I certainly agree 100% that if the Euro moves back towards dollar parity this will be a great boon to holders of the NYSE shares. Guys like Bill Fleckenstein think the Euro is one sick puppy with further damage to go. That, I'm pretty sure, would hurt the price of NOK. More OT - What's the old joke? Heaven is where the French are the cooks, the Italians the lovers, the Germans the mechanics, the British the police, and the Swiss the politicians. And hell is when the Germans are the police, the Swiss the lovers, the French the mechanics, the Italians the politicians, and the British cook.

To: tero kuittinen who wrote (4936)	5/21/2000 11:37:00 AM
From: gdichaz	Read Replies (1) \| Respond to of 34857

Tero: Curious about what you think might be the usefulness of HDR as a means of greatly extending the time frame for GSM in current spectrum. Wouldn't GSM for voice and HDR for data be a very attractive combination in the majority of the would where GSM is the installed base? So far, no serious consideration seems to have been given to a GSM / HDR combination. Perhaps it is too early and HDR is relatively unknown in GSMland. But looking at this from the standpoint of GSM's staying power, using GSM for voice and adding HDR for data would seem a win/win. And of course HDR doesn't even carry the CDMA label (even though its use by the GSM base would require a license from Qualcomm). Would appreciate your view on this. Best. Chaz