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To: MikeM54321 who wrote (11391)	6/12/2001 10:56:17 AM
From: elmatador	Respond to of 12823

Nokia is down 21% Message 15929515

To: MikeM54321 who wrote (11391)	6/12/2001 11:09:22 AM
From: elmatador	Respond to of 12823

Carnage in Europe: Nokia warning deals body blow to telecoms By Paivi Munter in London Published: June 12 2001 14:18GMT \| Last Updated: June 12 2001 14:45GMT The telecoms sector took a heavy blow from Nokia's profits warning on Tuesday afternoon, with just British Telecom left unscathed. Having long resisted the slowdown in the mobile telephone market, Nokia finally gave in and on Tuesday announced its second-quarter earnings would fall short of expectations, due to the easing of global demand for handsets. The announcement hit confidence across the Atlantic, too, where the the Nasdaq market of technology shares was down more than 2 per in early trade. Shares in Motorola, the world's second-biggest mobile phone maker after Nokia, were 6.5 per cent lower in early trade on Wall Street. Shares in Nokia crashed some 20 per cent on the Helsinki bourse, and with telecoms operator Sonera still reeling from two top-level resignations since Friday and down 8 per cent, the HEX index was left as much as 13.3 per cent lower at 8,772.18. In neighbouring Stockholm, Nokia's rival Ericsson sank 9 per cent. The All-Share index was at 246,21, down 2.7 per cent. Shares in KPN Telecom of the Netherlands went from bad to worse. The operator sank to an all-time low of E6.32 in early afternoon trade, having already plummeted in early trade on concern over the company's expected rights issue. By about 1330 GMT, the shares had recovered a touch to E6.47 but remained 6.5 per cent below Monday's close. Amsterdam's AEX stock index was 7.8 per cent lower at 574.08. In London, Vodafone went into sharp decline on the Nokia warning. Shares in the UK market heavyweight slid 4.3 per cent and many of the operator's smaller peers faced an even more severe punishment. BT, however, kept its early gains, up 1.1 per cent, thanks to an agreement with Deutsche Telekom over joint use of third-generation mobile infrastructure in Germany and the UK. Telekom's shares failed to resist the sector-wide sell-off and gave up their early gains to trade 0.1 per cent easier by midafternoon. In Paris, the picture was similar to the other European bourses. Alcatel, the telecoms equipment maker which itself issued a profits warning in May, was 4.8 per cent lower. Among telecoms operators, France Telecom was down 3.1 per cent, its mobile unit Orange 3.6 per cent weaker and Bouygues lost 2.8 per cent. news.ft.com