Ericsson's strong fourth-quarter results boost telecom shares. Motorola rises on its own good news
Published:
9 February 2004 y., Monday
A strong quarterly earnings report from Swedish telecom equipment maker LM Ericsson boosted the telecom sector Friday, helping to push technology shares to a stronger close.
According to preliminary reports, the Nasdaq composite gained 44.45 to 2,064.01. The Amex technology index edged 14.20 higher to 731.96, while the Philadelphia semiconductor index rose 23.68 to 519.41.
Ericsson, the world's biggest producer of mobile networks, made an adjusted pre-tax profit of 5.5 billion crowns ($754 million) in the fourth-quarter, more than double analysts' expectations of 2.66 billion crowns. The company reported a 2.1 billion-crown loss, adjusted for restructuring costs, a year earlier.
Revenue rose to 36.2 billion crowns to exceed expectations of 34.6 billion crowns thanks to year-end spending by U.S. operators as well as rapid growth of carriers in China and India.
Ratings upgrades from Goldman Sachs and Fulcrum also helped to propel Ericsson shares nearly 13 percent to $26.77 on the Nasdaq.
On the New York Stock Exchange, Lucent Technologies shares bounced 3.6 percent to $4.38 while shares of Nortel Networks gained 3.4 percent to $7.88.
Motorola Inc. is seeking to regain its market share in Europe, after unveiling the V80 phone with a rotating cover and two other low-cost phones in Krakow, Poland.
Šaltinis:
money.cnn.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The Gas Coordination Group, chaired by the Commission, met this afternoon to analyze in detail all elements of the preparedness of the EU and the Energy Community for a potential supply disruption in the Winter 2009/2010.
more »
In a meeting of the European Bank Coordination Initiative Group, held in Brussels, the parent banks of the nine largest banks operating in Romania reaffirmed their commitment to maintain their exposure to the country and ensure adequate capital levels over 10 percent for their affiliates.
more »
Airline airBaltic has informed of its plans to resume some flights from Vilnius International Airport before the end of this year.
more »
The European Commission has approved under EC Treaty state aid rules the restructuring plan of Lloyds Banking Group.
more »
"Finance and climate change" was under discussion at a 10 November hearing in parliament's Industry, Research and Energy Committee.
more »
The International Monetary Fund announced today the sale of 2 metric tons of gold to the Bank of Mauritius, the nation’s central bank.
more »
The euro area economy grew by 0.4% in the third quarter. Is the crisis over?
more »
After lots were drawn, ten winners of Danske Bankas scholarships and one winner of an iPod shuffle player were established.
more »
From 16 November 2009, AB Bank SNORAS network starts providing new products – one can sign agreements of “Finasta Asset Management” II level pension accumulation funds in all subdivisions of the bank.
more »
The expected turnaround in the Baltic Rim economies is likely to gradually improve the business opportunities for Nordic companies operating in the region.
more »