Computer Hardware

Siltronic’s E1bn IPO overpriced

16 Mar 2004

That s too bad, as it is both the largest German and European tech IPO in three years. Excessive valuations could end up slamming shut both markets again.

Ericsson finally honours votes promise

19 Feb 2004

The telecoms equipment group has struck a deal. The voting differential between A and B shares has narrowed. But A shareholders are allowed a special deal to buy votes on the cheap.

Psion sells Symbian stake to Nokia

9 Feb 2004

The Finnish handset manufacturer gets control of the mobile operating system and with it relief on royalty payments. Psion hasn't got a bad price. But the unrealistic expectations for Symbian built into its shares have come crashing down.

Iliad readies for IPO

17 Dec 2003

The French internet service provider is coming to market on the back of recent successful technology floats. But the E1bn price tag floated in the press looks punchy.

Nokia still troubled by falling phone prices

16 Oct 2003

The Finnish mobile group s push into games could help with phone prices. However, it is not yet clear whether it has got the platform right. But cheap phones still generate lots of cash. And the stock has room to rise if Nokia s investment in games pays off.

IPOs enjoy stratospheric debuts

16 Oct 2003

It is nearing the end of the year and 2003 looks like being a bull year for equities. Fund managers have no excuse for underperforming. So the few IPOs ready to launch in the fourthquarter are being treated as manna from heaven.

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.