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

To: ronho who wrote (13974)	7/19/2001 12:26:12 PM
From: Eric L	Respond to of 34857

re: Reuters on Nokia Q2 * Upbeat earnings from technology bellwethers such as Nokia Corp.* (NOK) and Dell Computer Corp. (DELL) fuelled hopes of a recovery in corporate profits.* * "It's on Nokia* and SAP also. Two major technology companies had less worse than expected earnings. SAP did better than expected and Nokia did not disappoint,"* * Nokia, whose U.S.-listed shares rose $2.77 to $19.77, or more than 16 percent, posted earnings at the high end of expectations. The stock was among the most active on the New York Stock Exchange. The Finland-based telecom equipment titan said it expects slightly lower third-quarter earnings per share but did not give a precise outlook for the fourth quarter. But Nokia officials said the company expects top-line revenue growth to return to its previous target of 25-35 percent next year. >> U.S. Stocks Add To Gains, Buoyed by Nokia, SAP, Dell Haitham Haddadin New York July 19, 2001 10:47:00 AM ET Reuters Stocks added to gains in early morning trading on Thursday as upbeat earnings from technology bellwethers such as Nokia Corp. (NOK) and Dell Computer Corp. (DELL) fuelled hopes of a recovery in corporate profits. Wall Street also got comforting economic numbers that showed a hefty drop in the U.S. international trade deficit for May and a decline in the weekly number of Americans filing for first-time jobless benefits. The technology-laced Nasdaq Composite Index jumped 48.13 points, or 2.39 percent, to 2,064.30 and the blue chip Dow Jones industrial average was up 91.51 points, or 0.87 percent, at 10,661.34. The broader Standard & Poor's 500 Index added 13.60 points, or 1.13 percent, at 1,221.31. Germany's SAP AG (SAP), Europe's biggest software maker, beat analysts' results forecasts and gave a rosy outlook for the future. SAP rose $2.97 to $34.12 in U.S. trading. "It's on Nokia and SAP also. Two major technology companies had less worse than expected earnings. SAP did better than expected and Nokia did not disappoint," said Larry Wachtel, analyst at Prudential Securities. Nokia, whose U.S.-listed shares rose $2.77 to $19.77, or more than 16 percent, posted earnings at the high end of expectations. The stock was among the most active on the New York Stock Exchange. The Finland-based telecom equipment titan said it expects slightly lower third-quarter earnings per share but did not give a precise outlook for the fourth quarter. But Nokia officials said the company expects top-line revenue growth to return to its previous target of 25-35 percent next year. Dell Computer rose $1.19 to $28.39 on the Nasdaq after the No. 1 personal computer maker said its earnings and revenues would fall within its earlier guidance. Communications chip maker Broadcom Corp. (BRCM) jumped $4.16 to $43.16 after it reported a second-quarter loss before acquisition-related charges that was in line with diminished forecasts as sales fell 14 percent. Computing giant International Business Machines Corp. (IBM) rose 12 cents to $104.4 after it had fallen sharply in after-hours trading. IBM offered a ray of hope when it reported higher profits late on Wednesday but the world's largest computer maker said slack demand for computers and related goods could plague its results in the second half of the year. On the economic front, the Labor Department said first-time claims for jobless benefits for the week ended July 14 fell to 414,000 from a revised 449,000 in the prior week. Economists had forecast 423,000 new filings vs. an initial reading of 445,000 in the prior week. A concurrent report from the U.S. Commerce Department showed the May trade deficit plummeted to $28.34 billion from a downward revised April reading of $31.99 billion. "I think these numbers are somewhat soothing," said Alan Ackerman, market strategist Fahnestock & Co. "U.S. business has been penalized by the strength of the dollar to other currencies and the lower trade deficit is a good sign today. The fact the jobless claims fell is comforting also." The Conference Board said the June leading economic indicators rose 0.3 percent vs. economists' expectations of a rise of 0.2 percent. The data put the prior month's reading at a rise of 0.4 percent. Other Earnings News Or Forecasts Were Mixed. Siebel Systems Inc. (SEBL), the world's largest seller of customer relationship management (CRM) software, lost 68 cents to $36.95 after it warned revenues would take a hit in the third and fourth quarters. << <snip> Occidental Petroleum Corp. (OXY) rose 51 cents to $26.16 after its income rose a better-than-expected 36 percent as strong oil and gas prices helped offset weakness in its chemicals business. << - Eric -