Tech giants stomp on hopes

Article Abstract:

Technology giants have announced discouraging news which cast doubts on their future quarters. Nortel Networks cut its revenue and profit forecasts for 2001 and plan to slash its workforce by 10,000. Dell Computer plans to lay off 1,700 employees to write off $105 million. Hewlett-Packard's outlook is not inspiring. It met lowered estimates and reported earnings of $727 million for 1st qtr 2001. However, CEO Carly Fiorina has predicted flat PC sales growth in the US in 2001.

Electronic Computer Manufacturing, Computers & Auxiliary Equip

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Amazon to post earnings; president leaves

Article Abstract:

Amazon.com reports that its stock fell approximately 10% on the news of the departure of its president and chief operating officer, Joseph Galli, Jr. The stock rebounded to close down 2.9% at $37.63. Galli resigned to become CEO of business-to-business firm VerticalNet. His decision was based partly on his desire to move closer to his family which is located just an hour away from VerticalNet's base in Horsham, PA.

Online information services, Amazon.com Inc.

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Trash hauler thrashed

Article Abstract:

Share prices of Waste Management Inc fell by 36% after the garbage hauling firm announced that its second quarter revenue would be $250 million less than expected. Its shares plunged 19 5/8 to $33 15/16 on July 2, 1999 erasing $11.9 billion in stock value. Analysts attributed the firm's poor revenue performance on service deterioration due to mergers and lower sales due to price increases.

Solid Waste Collection, Waste Management Inc. (Houston, Texas), Sanitation services

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