Feeds

Marconi drops even further; everyone suffers

Seems folk ain't too happy

  • alert
  • submit to reddit

Protecting users from Firesheep and other Sidejacking attacks with SSL

Marconi's shares are continuing to fall this morning. Down 4.5 per cent to 107.5p - the lowest for 20 years and then by 11am down to 104p. Shareholders are furious and are calling for the head of CEO Lord Simpson and his deputy John Mayo.

Not only this but Marconi's fall has had a knock-on effect across the whole market (it finally closed down 54 per cent yesterday). The FTSE 100 index has fallen to its lowest level since April, also bringing down the Dow Jones and Nasdaq. This was in part due to AMD's profit warning but there is a general cloud over technology stocks and it has caused across-the-board drops.

Logica is down 8.4 per cent, Sage 5.3 per cent, Invensys down 4.6 per cent; Fujitsu 3.3 per cent; Hitachi 3.5 per cent; Sony 4.5 per cent and on and on.

Marconi's fall from grace is drawing parallels with BT. Investors are now asking for a Vallance-style management sacrifice and a possible rights issue. John Mayo may be the Bonfield character in this that survives but with credibility dashed.

Ironically though, BT may bring Marconi down still further as it announces it will reduce spending as part of its ongoing recovery plans. This means the company will not get anywhere near the £860 million BT spent with it last year - just under 15 per cent of its total sales. ®

Related Story

Massive fall-out from Marconi share collapse

Website security in corporate America

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Israeli spies rebel over mass-snooping on innocent Palestinians
'Disciplinary treatment will be sharp and clear' vow spy-chiefs
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
OECD lashes out at tax avoiding globocorps' location-flipping antics
You hear that, Amazon, Google, Microsoft et al?
Show us your Five-Eyes SECRETS says Privacy International
Refusal to disclose GCHQ canteen menus and prices triggers Euro Human Rights Court action
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.