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Strategies & Market Trends : Rande Is . . . HOME -- Ignore unavailable to you. Want to Upgrade?

To: moufassa7 who wrote (50249)	4/10/2001 8:01:30 AM
From: Condor	Read Replies (1) \| Respond to of 57584

Yup...not sure why but.... +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Eurostocks Surge on Perky Techs, Telecoms Apr 10 7:35am ET By Huw Jones LONDON (Reuters) - The absence of a profit warning to accompany Marconi's widely-trailed job cuts sent relieved European tech shares surging by mid-session on Tuesday, with perky telecoms adding to the positive sentiment. Strong Nasdaq 100 and S&P500 stock futures also promised a firm opening on Wall Street, encouraging European investors to stick their heads above the parapet. Marconi rose 5.5 percent after the British telecoms equipment maker confirmed weekend press reports it would axe 3,000 jobs, but quashed expectations of a profit warning by insisting it would meet forecasts despite the U.S. slowdown. The Stoxx 50 index of top European blue chips was up 2.4 percent or 97 points at 4,121 points, with techs and telecoms leading the way. Telecoms were among the top gainers, with a 5.9 percent jump in Britain's Vodafone Group adding 16 points to the Stoxx 50 index. Finnish cellphone maker Nokia rose 6.5 percent to add 10 points. Credit Suisse First Boston raised its weighting in European telecoms to "neutral" from "underweight." "U.S. clients are telling us they are wanting to come back into the telecoms sector again as they are heavily underweight and are not happy with that as the market seems to be at a bottom," said a specialist equity salesman at WestLB in Duesseldorf. "It's also a technical reaction from recent lows, but much will depend on the Nasdaq," he added. Deutsche Telekom gained 6.8 percent to 28.6 euros, but the WestLB dealer said it needed to push above 30 euros to break through upside chart resistance. France Telecom was 6.3 percent ahead. Oil shares, led by Royal Dutch, up 2.2 percent and TotalFinaElf, up 2.3 percent, also underpinned European indices. The sector was fuelled by a 37 cent rise in crude oil prices to $25.65 a barrel in London. In the broader market, the Eurotop 300 index gained two percent to 1,399 points. "There's a lot of cash wanting to come into the market so the trigger is hair-sprung," said one London-based dealer. SIEMENS GAINS, TESCO FALLS Shares in Germany's Siemens AG rose more than three percent after the company said it would cut about a quarter of the workforce, or 2,000 jobs from its three German mobile handset plans in response to slowing demand. The global cellphone sector is looking for outlook guidance from U.S. Motorola who reports first quarter earnings after New York's close on Tuesday, and it hold an investor news conference on Wednesday. Shares in Britain's biggest retailer Tesco fell four percent despite the company leaping the billion-pound profit barrier for the first time on Tuesday. Underlying earnings rose 12 percent to 1.07 billion pounds ($1.55 billion) for the year ending February 24 as sales reached 22.8 billion pounds. Goldman Sachs analyst Nick Jones said the stock was down because Tesco had done no more than meet earnings forecasts. Swiss telecommunications group Swisscom AG slid two percent after posting a sharp drop in operating profit for 2000 and warned that growing competition would cause another big decline this year.