By Justin Madubuko, 8 August 2001 17:20
NEWS Tech stocks across Europe have taken a hammering today in the wake of Cisco's disappointing Q4 profits, which reached just $7m - a 99 per cent drop on the previous year's figure. Nokia shares were down 4.14 per cent in Helsinki and Orange stock was down to 3.7 per cent in Paris, after Credit Suisse First Boston said Orange UK does not expect to be selling Nokia GPRS mobile phones in 2002. French analyst firm BNP Paribas is advising Vodafone to cash in on its 45 per cent stake in Verizon Wireless and buy a smaller player such as Alltel or Nextel, which might suit the mobile giant in the US. In Germany, Deustche Telekom saw its shares fall to its lowest point in more than two years after Deutsche Bank sold 44 million Telekom shares on behalf of undisclosed customers. In addition, UK chip designer ARM was 21.5p lower at 287.5p, while Energies fell 10p to 105p after UBS Warburg reduced its target for the shares to 150p from 325p. Marconi has vulnerability written all over it, as its price fell another 4.75p to 89p as Merrill Lynch continued to put a neutral rating on the shares.
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