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

To: StanX Long who wrote (61983)	3/13/2002 12:46:51 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Shares fall for telecoms equipment suppliers By Robert Budden in London and Scott Morrison in San Francisco Published: March 12 2002 20:39 \| Last Updated: March 12 2002 22:43 news.ft.com Grim trading forecasts from Nokia and Lucent sent shares of telecoms equipment suppliers lower on Tuesday and led ratings agency Moody's Investors Service to downgrade the debt of Nortel Networks to one notch above "junk" status. Moody's also warned it could cut the Canadian telecoms equipment group's debt ratings again as weakness in telecoms markets would likely "be deeper and more protracted than expected". Nokia told investors on Tuesday that revenues from its network business would be down 25 per cent year-on-year, significantly worse than the 16-20 per cent decline it estimated just seven weeks ago. Separately, Patricia Russo, Lucent's new chief executive, said the company had seen "a systematic tightening" of spending across the industry in the last two weeks. The company cut its quarterly revenue forecast and said it did not expect to return to profitability until 2003. In New York, Nokia shares closed