By Sonya Rabbitte, 17 April 2001 10:40
NEWS Intel shares were down this morning after a leading analyst reduced 2001 profit margin estimates. Intel is due to report quarterly earnings after the close of trading today. Chipmakers ARM Holdings, Infineon and STMelectronics fell on the back of the news, as did telecom stocks after speculation that Ericsson is to lay off up to 7,000 staff when it releases results later this week. Ericsson's share price was down 2.5 per cent this morning after dropping six per cent yesterday. In Finland Sonera dropped ten per cent and UK group Vodafone fell over six per cent. Philips' shares fell 11 per cent today after the company announced 6,000 job cuts, as first quarter earnings failed to meet analyst expectations. In the US yesterday Cisco also announced a further profit warning and job cuts.
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