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

To: StanX Long who wrote (61981)	3/13/2002 12:43:39 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Wall St shaken by gloom of tech forecasts By Mary Chung in New York Published: March 12 2002 13:37 \| Last Updated: March 12 2002 21:29 news.ft.com Bleak sales forecasts from Lucent Technologies and Nokia sent the Nasdaq Composite lower, but IBM helped the Dow Jones Industrial Average stage a late-day comeback. In the final moments before settlement, the Dow had overcome a 100-point deficit and was up 21.11 to 10,632.35 while the S&P 500 index shed 2.68 to 1,165.58. The Nasdaq lost 32.40 to 1,897.09. Volume was moderate with 1.3bn trades on the New York Stock Exchange. Lucent was the NYSE's most actively traded stock, falling 11 per cent to $5.59, after it cut its second-quarter sales target and delayed the sale of Agere, its optical components business. Nokia retreated 6 per cent to $22.03 in US trade after the Finnish mobile phone maker warned that sales of network equipment would see a sharper decline than previously forecast. Rival Motorola fell 2 per cent to $14.45. Telecoms news dominated Wall Street with Worldcom adding to the gloom. The shares fell 12 per cent to $7.93 after the Securities and Exchange Commission launched an informal investigation relating to Worldcom's accounting practices. This comes on the heels of the SEC's probe into Qwest Communications. Qwest was 5 per cent lower at $8.95. Traders said that in spite of the grim news in the telecoms sector, the markets were holding up quite well. They also expected more volatility in coming weeks with companies entering the pre-announcement period and releasing mid-quarter updates.