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

To: StanX Long who wrote (64267)	6/7/2002 4:38:17 AM
From: StanX Long	Respond to of 70976

European Stocks Drop, Led by Nokia, Alcatel, STMicroelectronics By Ben Richardson quote.bloomberg.com London, June 7 (Bloomberg) -- European stocks tumbled after Intel Corp. cut its second-quarter sales forecast and said demand fell more than expected in Europe. Nokia Oyj, Alcatel SA, Royal Philips Electronics NV and STMicroelectronics NV led declines. German unemployment rose 60,000 in May, adjusted for seasonal changes, according to an aide to a lawmaker in the opposition Christian Democratic Union, almost ten times as much as economists forecast. The Dow Jones Stoxx 50 Index shed 57.06 points, or 1.8 percent, to 3152.15, taking its five-day slide to 6.2 percent, the worst drop since the week of the Sept. 11 terrorist attacks on the U.S. ``If Intel has problems, it's hard to believe other companies don't,'' said Mirco Bettelini, who helps manage 3 billion euros ($2.8 billion) at Cariverona Banca SpA in Verona. ``The German numbers don't add a lot to an already desperate situation.'' He recently sold Nokia, Vivendi Universal SA and France Telecom SA shares and bought government debt.