Stocks To Open Lower
Stocks appeared headed for a flat to
lower open Tuesday after more corporations issued profit warnings and signs
U.S. economic weakness was spreading overseas.
Mobile phone leader Nokia
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this morning warned the compny would earn only 0.15 to 0.17 euros a share in the
second quarter vs. previous expectations of 0.20 euros. Nokia also said it
expected revenue growth of less than 10% vs. earlier estimates of 20%. The
company blamed an overall slowdown in the general market.
Hughes Electronics
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of General Motors
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that sales growth for fiscal 2001 would wind up at the lower end.
Wireless technology developer Remec
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overnight reported a wider-than-expected Q1 loss. The company posted a net loss
of 21 cents a share vs. 3 cents a year ago.
Advanced Micro Devices
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world’s No. 2 chip maker after Intel
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its goal of a 30% international market share the end of the year.
Chip supplier Exar
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lowered its Q1 outlook. The Fremont, Calif.-based company said it now
expects earnings per share for the June 30 first quarter between 2 cents and 4
cents vs. analysts estimates averaging 7 cents.
Drug store chain Rite Aid
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Tuesday said same-store sales rose 9.9% in the five weeks ended June 2. Total
drug store sales for the period rose 9.9% percent to $1.46 billion.