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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (59845)	2/1/2002 2:19:24 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

NEC Shares Tumble as Full-Year Loss Forecast Doubled (Update1) By Minoru Matsutani 01/31 22:37 quote.bloomberg.com Tokyo, Feb. 1 (Bloomberg) -- NEC Corp. shares fell as much as 7.8 percent after Japan's biggest maker of telecommunications equipment doubled its annual loss forecast as customers bought fewer chips and network gear. The shares, down 28 percent this year, fell as much as 82 yen to 968 yen, the biggest one-day drop since Sept. 28. They recently traded at 969 yen. NEC was the most active stock by value on Japan's stock exchanges, with about 13.4 billion yen of shares traded. ``The outlook for their electronic components business is bleak,'' said Masafumi Fujiwara who helps manage about 135 billion yen ($1 billion) in Japanese equities, including NEC shares, at Daiwa Asset Management Co. ``Spending cuts by domestic telecommunications operators such as (Nippon Telegraph & Telephone Corp.) are hurting NEC.'' The third-biggest chipmaker joins Japanese semiconductor manufacturers Toshiba Corp. and Fujitsu Ltd. in predicting wider- than-expected losses after the chip industry had its worst year on record last year. NEC is also losing money after telephone operators worldwide slashed spending on network equipment. NEC posted a loss in the third quarter ended Dec. 31 equivalent to its profit in the past two fiscal years, prompting it to double its annual loss forecast to a record 300 billion yen.