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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: Frank Ellis Morris who wrote (50270)	3/22/2001 12:46:54 AM
From: puborectalis	Respond to of 77399

Victoria Shannon International Herald Tribune Thursday, March 22, 2001 Rebound Not Near, Fiorina Says HANNOVER, Germany Departing from the hype of her fellow technology leaders, Carleton Fiorina, chief executive of Hewlett-Packard Co., on Wednesday offered a starkly pessimistic appraisal of a technology industry still grappling with a staggering collapse. Ms. Fiorina, one of the most powerful women in American business, sounded a note of sharp pessimism not only about prospects for her company but for the global economy. Appearing in Hannover at Cebit, the world's largest technology trade fair, she said that, like many other computer companies, H-P has been hammered by the "tech wreck." She pointed to the sharp decline in the company's revenue growth to 2 percent in the first quarter from 15 percent last year. "At this point," Ms. Fiorina said, "we are not assuming any improvements throughout the remainder of our fiscal year. Visibility remains extremely limited. It is actually a little bit like navigating through a fog." She said the "very sharp and very sudden" U.S. economic decline had clearly spread to other parts of the world, adding, "Candidly, I am not optimistic about Europe's immunity, nor am I optimistic about a quick recovery in the second half of 2001, as some were speculating about earlier in this year." Describing the economy as "choppy," she said Hewlett-Packard, which last year had nearly $50 billion in revenue, was taking "all prudent actions to control expenses very tightly." But she did not offer any earnings forecasts for the company nor announce any specific job or spending cuts. Although a few other leading companies at Cebit matched her candor and pessimism - LM Ericsson AB, for example, cut its forecast for worldwide mobile phone sales to between 450 million and 525 million units from a range of 500 million to 540 million - most executives still seemed full of hope. Siemens AG and Nokia Oyj, for instance, unveiled phones they plan to market this year for upgraded mobile phone networks in Europe. Those networks, already operational in parts of Germany, New Zealand, Sweden, Portugal and Austria, could offer users connection speeds fast enough to browse the Internet and send music and movie clips by cell phone. General packet radio service networks, or GPRS, as the service is known, will let telecoms charge by the amount of data sent rather than the time used. That could provide them a lift in revenue as the European cell-phone market nears saturation. H-P unveiled several products at Cebit, including a color handheld computer, a digital camera and a remote printer.