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Europe ends lower
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November 28, 2001: 12:12 p.m. ET
Technology stocks tumble after Nokia lowers forecast, SAB up on merger report
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LONDON (CNN) - Europe's major bourses closed lower on Wednesday after Nokia issued a gloomy outlook for the mobile phone industry.
London's FTSE 100 lost 1.4 percent to 5,194.4 and the CAC 40 blue chip index in Paris was down 0.9 percent to reach 4,447.46, while Frankfurt's electronically traded Xetra Dax fell 1.9 percent to 4,961.41.
The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, declined 1.32 percent, with the computer services, IT and electrical and electronics sectors all in negative territory.
Finland's Nokia, the world's biggest mobile phone operator, fell 2.9 percent in Helsinki. The company lowered its views for industry handset sales in 2001 to 380 million from the 390 million it projected last month.
It also sees industry handset sales between 420 million and 440 million in 2002, a slightly more conservative outlook than the guidance of 420 million to 460 million rival Motorola gave last month.
Philips, Europe's biggest consumer electronics company, fell 3.6 percent, Sweden's Ericsson, the world's biggest supplier of wireless networks, dipped 2.5 percent, Germany's biggest telecom equipment maker Siemens (FSIE) lost 4.5 percent and French rival Alcatel (PCGE) fell 6.2 percent.
Infineon Technologies [FSE:FIFX], Europe's No. 2 chip maker, fell 8.2 percent and STMicroelectronics (PSTEM), the biggest semiconductor maker, slid 2.1 percent and Europe's biggest chip designer ARM Holdings (ARM) dropped 8 percent.
SAP [FSE:FSAP], Europe's biggest software company, dropped 3 percent.
Deutsche Telekom (FDTE), Europe's biggest phone company by sales, fell 3.5 percent after saying it would make a full-year loss.
The beverage sector enjoyed gains as South Africa Breweries climbed 8 percent in London after the Financial Times said it might be subject to a takeover bid by Belgian-based Interbrew. Interbrew, the maker of Stella Artois, dropped 5 percent on concern it may overpay for the world's fifth-largest brewer.
Rival brewer Scottish & Newcastle (SN-) rose 4.4 percent.
In Amsterdam the AEX index dropped 1.7 percent and the SMI in Zurich was 2 percent lower, while Milan's MIB30 index slid 0.15 percent.
U.S. stocks tilted lower early on Wednesday as investors appeared to be questioning whether the recent market rally was indeed signaling the start of an economic rebound. The Nasdaq composite index fell 0.7 percent to 1,922.15, while the Dow Jones industrial average lost 1 percent, to 9,775.52. 
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