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

To: StanX Long who wrote (63134)	4/23/2002 11:49:50 PM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Ericsson Battens Down Its Hatches By ALAN COWELL April 23, 2002 nytimes.com LONDON, April 22 — As Europe's mobile phone industry reels from mountainous debt and emptying order books, L. M. Ericsson, the leading maker of wireless network equipment, said today that it would cut its work force by an additional 20 percent, that it would still probably lose money this year and that it would ask its shareholders for almost $3 billion in new investment. The news sent the company's stock plunging in value by almost one-quarter, closing at 27.3 Swedish kronor ($2.65) a share, their lowest in nearly five years. Coming a few days after Ericsson's leading rival, Nokia of Finland, released a sharply downbeat sales forecast, Ericsson's announcement spread gloom among investors in a number of European technology stocks, like Alcatel of France and Siemens of Germany.