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

To: StanX Long who wrote (61980)	3/13/2002 12:42:54 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Bourses end lower on Nokia and Lucent By Philip Stafford, FT Investor Published: March 12 2002 08:45 \| Last Updated: March 12 2002 17:20 news.ft.com European stock markets ended lower on Tuesday after Nokia and Lucent, the telecoms equipment makers, warned of lower sales in the first quarter. Nokia , the Finnish mobile phone maker, warned first quarter sales would be below previous guidance, with network sales year-on-year down around 25 per cent. However, it maintained its full-year earnings outlook and said earnings per share in the second quarter would be at the upper end of forecasts. Nokia fell 6.4 per cent in Helsinki. See more on Nokia update. Swedish rival Ericsson, the leading maker of network equipment, dropped 5.5 per cent and Alcatel of France fell 4.7 per cent, taking the pan-European FTSE Eurotop 100 down 0.8 per cent. A downbeat sales update from Lucent, the US telecoms equipment maker, added to the selling pressure. The company lowered its sales guidance for the second quarter and postponed its estimated return to profitability to 2003. Michael Hartnett, director of economics & strategy at Merrill Lynch, said: "The news (from Nokia and Lucent) is in line with out broader view, to sell techs on any strength. There is excess capacity and the pick-up in demand is going to take longer than anticipated." After gaining sharply in the previous fortnight, the benchmark indices started the week on a more cautious week, slipping both on Monday and Tuesday.