Ericsson, Nokia bouncing

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Ericsson, Nokia bouncing rabbit

Ericsson, Nokia bouncing

 
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Friday, June 30, 2000

Ericsson, Nokia bouncing
--9:56 am - By Tomi Kilgore
Ericsson (ERICY: news, msgs) is rallying 1 1/16 to 19 3/4 and Nokia (NOK: news, msgs) is tacking 1 9/16 onto its NYSE close to 50 1/8. Goldman Sachs resumed coverage of the telecom equipment making giants with "recommended list" ratings. Also, Lehman Bros. said recent concerns regarding growth in the mobile phone industry are misplaced and the market overreacted to Ericsson’s president’s comment. On Thursday, Ericsson’s Kurt Hellstrom told the Dagens Industri newspaper that the higher-than-anticipated costs of third-generation mobile phone licenses could slow growth in the mobile phone sector. That sent Ericsson’s stock down 6.9 percent and Nokia’s 3.6 percent lower in the regular session. Among others in the space, Vodafone AirTouch (VOD: news, msgs) is down 1 1/8 at 40 1/8, Motorola (MOT: news, msgs) is adding 7/8 to 30 3/16 and Lucent (LU: news, msgs) is edging up 1/8 to 56 5/8.


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