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Article: Stock price closes down 4.4 percent; adding to 24 percent plunge the day before
- Article from:
- AP Worldstream
- Article date:
- April 23, 2002
- Author:
CopyrightProvided by ProQuest LLC. (Hide copyright information)
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Dateline: STOCKHOLM, Sweden
Shareholders who didn't unload Ericsson stock on Monday, when the
telecommunications giant unexpectedly disclosed it'll lose money a
second straight year, continued the sell-off Tuesday and drove the
stock price down 4.4 percent.
The Swedish company's B shares fetched 26.1 kronor (dlrs 2.50) as
trading closed on the Stockholm Stock Exchange, down 1.2 kronor from
Monday's closing price.
The day before, chief executive Kurt Hellstroem announced the company
lost a net 2.97 billion kronor (dlrs 286 million) during the first
quarter, planned to lay off another 17,000 employees worldwide and
won't make a profit until next year, if then. Last ...