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To: SirRealist who wrote (56763)	6/10/2002 4:47:22 AM
From: 2MAR$	Read Replies (1) \| Respond to of 208838

Merrill making a cut in handset sales '02 & '03 , right in front of Nokia's CC tuesday . Merril has become so bold and brave and true recently ! Just staggering .... ...the "new & improved " Merrill " blind 'em and rob 'em " Lynch ! hehe RESEARCH ALERT-Merrill cuts global handset sales fcasts HELSINKI, June 10 (Reuters) - Investment bank Merrill Lynch cut on Monday its estimate for global sales of mobile phones in 2002 and 2003 due to persistently grim market conditions, dealing another blow to the already struggling industry. Merrill said it was cutting its 2002 estimate of mobile phones sold globally by six percent to 385 million units, and slashed its 2003 estimate by 11 percent to 410 million units. "Recent news from component suppliers all point towards order push outs and delays in the release of new handsets," Merrill said in a research note. ((Helsinki newsroom +358-9-680 50 248, fax +358-9-680 2284, news@reuters.fi)) REUTERS * end of story * also: RESEARCH ALERT-JP MORGAN UPS ERICSSON <ERICb.ST> TO MKT PERFORM VS MKT UNDERPERFORM

To: SirRealist who wrote (56763)	6/10/2002 4:54:10 AM
From: 2MAR$	Read Replies (1) \| Respond to of 208838

But investors abroad gave telecoms a boost hoping for less gloomy news from Nokia on tuesday...the suspense mounts : Gallaher leads FTSE up, but Abbey pressures banks LONDON, June 10 (Reuters) - Britain's FTSE 100 share index nudged higher on Monday as hopes of merger and acquisition activity helped offset sharp falls in the banking sector after a profit warning from Abbey National <ANL.L>. Tobacco firm Gallaher Group <GLH.L> topped the FTSE gainers on the prospect it could be a bid target, helping limit the impact of Abbey National's 10 percent tumble. Banks took 19 points off the FTSE, but gains for telecoms and drugs stocks helped the FTSE index <.FTSE> rise 6.7 points at 4,927.1 at 0756 GMT. The index lost 3.2 percent last week when a grim outlook from U.S. chipmaker Intel <INTC.O> added to earnings recovery fears and hit markets worldwide, although U.S. shares ended Friday on a steady note. Abbey provided further gloom at the start of the week as the mortgage bank said it expected full year pre-tax profits to be substantially below market expectations and last year's, hit by bad debt provisions and write-offs in its wholesale bank. One dealer said Abbey's loss in wholesale banking had hit the sector, but that the slide by other banks should be limited as much of the problem was company specific. Abbey shares were down 106 pence at 901p. Other fallers included HBOS <HBOS.L>, down three percent, and Royal Bank of Scotland <RBOS.L> and Alliance & Leicester <AL.L>, both down two percent. "Banking was the one sector which was holding the market together. This news is a concern. The market is dominated by four sectors. Oils have seen the price come off, telecoms are in trouble, and drugs have concerns about generic drugs," said Tamzin Hobday, director of pan-European equity strategy at WestLB Panmure. More positively, UK tobacco company Gallaher Group <GLH.L> rose four percent after a report that British American Tobacco <BATS.L> is considering taking over Gallaher in a 5.3 billion pound deal. BAT shares dipped 0.2 percent. Telecoms stocks bounced after last week's slide, with mobile operator mmO2 <OOM.L> up 3.3 percent and Vodafone Group <VOD.L> up 2.4 percent. Dealers said investors are hoping for less gloomy industry news in a trading update from Finnish mobile phone giant Nokia <NOK1V.HE>, due on Tuesday. Among media stocks, news and information provider Reuters Group <RTR.L> said U.S. electronic share trader Instinet Group <INET.O> had agreed buy rival Island ECN in an all-share deal valued at $508 million to strengthen its hand against fierce competition. Instinet is majority-owned by Reuters. ((Steve Slater, UK Stock Market team, +44 20 75424367, fax 44 20 7542 2120, uk.equities.news@reuters.com)) MORE * end of story *