Menu
15/08/2001
Marconi face FTSE-100 relegation
Telecoms company Marconi were in further trouble on Tuesday as the company’s share price fell by 12 per cent.
As a result of the sliding stock many investors believe the company could be relegated from the FTSE-100 index.
The latest crisis came about after concerns about forthcoming profit warnings, an investment bank's downgrade and a threat of a costly lawsuit from angry investors.
On Tuesday the company’s stock, which was valued at 1250p per share less than a year ago, slid below 72p. Investors now fear that further selling will follow if Marconi is booted out of the FTSE-100.
The selling of stock on Tuesday was spurred on by US investment bank Goldman Sachs which slashed its price target for the stock by 65p, adding that the stock should not trade above 74p.
While Marconi's sliding equity price has angered investors, Marconi's debts of £3bn continue to burden the company which slashed 4,000 jobs last month, 1,500 of them in the UK. (MB)
As a result of the sliding stock many investors believe the company could be relegated from the FTSE-100 index.
The latest crisis came about after concerns about forthcoming profit warnings, an investment bank's downgrade and a threat of a costly lawsuit from angry investors.
On Tuesday the company’s stock, which was valued at 1250p per share less than a year ago, slid below 72p. Investors now fear that further selling will follow if Marconi is booted out of the FTSE-100.
The selling of stock on Tuesday was spurred on by US investment bank Goldman Sachs which slashed its price target for the stock by 65p, adding that the stock should not trade above 74p.
While Marconi's sliding equity price has angered investors, Marconi's debts of £3bn continue to burden the company which slashed 4,000 jobs last month, 1,500 of them in the UK. (MB)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
12 September 2001
Fears of an economic meltdown recede
European stock markets were beginning to show signs of recovering from Tuesday’s plunge triggered by fears that the terrorist attack on the US would lead to a recession.
Fears of an economic meltdown recede
European stock markets were beginning to show signs of recovering from Tuesday’s plunge triggered by fears that the terrorist attack on the US would lead to a recession.
02 February 2004
ITV shares begin trading on London Stock Exchange
ITV plc, the company formed on the merger of Carlton and Granada, has launched its shares on the London Stock Exchange. All dealing in Carlton and Granada shares concluded on Friday's close, while ITV plc shares opened at 141 pence, reaching 146.25p by 4pm.
ITV shares begin trading on London Stock Exchange
ITV plc, the company formed on the merger of Carlton and Granada, has launched its shares on the London Stock Exchange. All dealing in Carlton and Granada shares concluded on Friday's close, while ITV plc shares opened at 141 pence, reaching 146.25p by 4pm.
11 April 2002
HMV to float on London Stock Exchange
EMI has revealed it is to float leading music retailer HMV on the London Stock Exchange by June. The company made the decision following months of speculation after it launched a radical reorganisation in the face of poor financial results.
HMV to float on London Stock Exchange
EMI has revealed it is to float leading music retailer HMV on the London Stock Exchange by June. The company made the decision following months of speculation after it launched a radical reorganisation in the face of poor financial results.
10 September 2001
Stock markets worldwide in steady decline
Sparking renewed fears of a global recession share prices continued to fall worldwide, as global stock markets remained in the grip of a steady decline that only looks set to intensify.
Stock markets worldwide in steady decline
Sparking renewed fears of a global recession share prices continued to fall worldwide, as global stock markets remained in the grip of a steady decline that only looks set to intensify.
07 September 2001
Global stock markets take further tumble
Although the Nasdaq recovered slightly in afternoon trading thanks to some good news in the technology sector, a higher than expected rise in the US unemployment rate served to reinforced the current downward trend in global stock markets. Official data from the US Department of Labour shows that in the US unemployment jumped to 4.
Global stock markets take further tumble
Although the Nasdaq recovered slightly in afternoon trading thanks to some good news in the technology sector, a higher than expected rise in the US unemployment rate served to reinforced the current downward trend in global stock markets. Official data from the US Department of Labour shows that in the US unemployment jumped to 4.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
