European Stocks Close Lower
LONDON (AP) _ European stocks dipped Friday as bad news from Ericsson and Bookham drove technology shares down.
Ericsson’s announcement that its fourth quarter net profit fell 64 percent from the same period in 1999 seemed to worry those investing in high-growth companies. Ericsson also said it planned to transfer the manufacturing of mobile phones to Flextronics International of Singapore.
Fiber-optic maker Bookham Technology had bad news as well, predicting bigger-than-expected operating losses for the fourth quarter.
Ericsson fell SEK13.5, or 11.4 percent, to SEK105. Rival mobile-phone maker Nokia was down 0.4 euros, or 1.1, at 40.25 euros, and Siemens was down 5.45 euros, or 3.4 percent, at 153.2 euros. Bookham was down 207 pence, or 15.8 percent, at 1,100 pence.
The Dow Jones Stoxx Total Market Index of shares in European companies dropped 0.66 point to 345.22. The Dow Jones Euro Stoxx Total Market Index, which tracks companies in countries that joined the single currency, was down 1.38 points to 352.71.
The Dow Jones Euro Stoxx 50 Index declined 19.2 points to 4,760.2 and the Dow Jones Stoxx 50 Index dipped 10.2 points to 4557.2.
In domestic markets, London’s FTSE-100 Share Index closed up 38.70, or 0.6 percent, to 6,294.30. But high-growth losses pushed the Paris CAC-40 Index down 9.06 points, or 0.15 percent, to 5,925.62. Frankfurt’s Xetra DAX Index was down 32.29 points, or 0.5 percent to 6,695.20.