Wolfson kicks off biggest UK tech IPO in 2 years 15 Oct 2003 The challenge for investors will be to put a value on an intellectual property company that owns very few patents. With the stock priced at 210p, there's no room for error.
Philips revamp may not be worth waiting for 14 Oct 2003 The Dutch electronics group says its turnaround is nearly there and its semiconductor operations certainly look better. US consumer electronics also remains a sore spot, with profitability delayed again.
Marconi recovery may have legs 8 Sep 2003 The UK telecoms equipment maker is nearly back in the black. It could soon be paying down debt to the benefit of shareholders. The shares remain risky but the valuation is relatively comfortable.
Mobilcom moves to turn Freenet stake into cash 27 Aug 2003 The German telecoms group needs to refinance a loan coming due next year. Rumours of a deal with Tiscali are doing the rounds. But a share placement looks more likely.
Mobile phone prices will keep falling 30 Jul 2003 Colour screens, cameras and games haven t kept the deflationary wolf at bay. The industry s new production model plays directly into the hand of lowcost Asian producers.
Infineon breaks even in memory chips 22 Jul 2003 With costs tumbling and memorychip prices rebounding, Infineon may prove a genuine secondhalf recovery story. But the recovery story assumes memory prices won't fall back. And the evidence for this is mixed.
Nokia cracks as tech recovery founders 17 Jul 2003 A secondhalf recovery in technology spending looks elusive again as Nokia and SAP disappoint on revenues. Nokia s problems have all come home to roost. Its legendary profit margins are wobbling as commoditisation hits prices and lifts expenses.
Yahoo bulks up in internet search 15 Jul 2003 By acquiring Overture, the internet portal is positioning itself to fight the coming battle for serious online revenue. Yahoo is paying a realistic price. The net's new realism looks like it is differentiating shares more but the highest are now very high.
Internet investors regain confidence 28 Apr 2003 Emerging results from internet stocks have bolstered or beaten management guidance. That has allowed share prices to defy falling markets. Investors are letting a return of confidence get the better of them. Valuations of etraders and ISPs are already vulnerable again.
Nokia to spend E400m restructuring networks 17 Apr 2003 The size of the charge suggests the business is in severe trouble. This means group earnings are likely to fall this year despite a strong contribution from handsets.
Semiconductor makers feeling chipper 16 Apr 2003 This is in marked contrast to their customers. Might inventory accumulation based on the war on Iraq explain the disconnect?
European tech stocks shunned and despised 4 Apr 2003 Sentiment has swung from one extreme to another. Pessimism is overdone. And short sellers are training their sights elsewhere. So should contrarians dip a toe back into tech? Not while earnings forecasts still incorporate an unrealistic secondhalf recovery.
Ericsson delays voting rights change 3 Mar 2003 The group s two main investors want compensation for diluting the voting rights in their privileged A shares. But they don t deserve it. If ordinary shareholders hadn t bailed Ericsson out in a rights issue, the main investors might be worse off than they are now.
Ericsson names Carl-Henric Svanberg as CEO 6 Feb 2003 The man who built Assa Abloy into the world s largest lockmaker looks like a good choice for the Swedish telecoms equipment group. Ericsson s restructuring is starting to run out of breath. Svanberg may step it up another gear.
Alcatel shapes up as recovery play 14 Jan 2003 The group probably has the balance sheet strength to make it through the downturn. However, the shares discount a strong recovery in margins next year. It is too soon to say whether that is realistic.
Nokia warns on Q4 sales 10 Dec 2002 The Finnish mobile group is struggling to grow while handset prices are under pressure. Nokia may deliberately be clearing out old models. To justify its share price, it needs to sell bucketloads of new ones and soon.
Will Logica/CMG merger benefit shareholders? 5 Nov 2002 This is a damn good deal for the CMG camp. But the Logica camp will only gain if expected cost savings recur year after year. This leverages the exposure of Logica's shareholders to the recovery in the IT services market.