Monday, March 17, 2008

In Non-Bear Stearns News: Siemens Tumbles After Order Delays Cut Into Earnings (SI)

Siemens is a major worldwide player in
1) Automation and control
2) Lighting (Sylvania)
3) Power generation
4) Power transmission and distribution
5) Water technologies

From Bloomberg:

Siemens AG, Europe's biggest engineering company, tumbled the most in at least 18 years in Frankfurt after saying order delays and cancellations will cut earnings by 900 million euros ($1.42 billion) this quarter.

The Munich-based company fell 17 percent to 66.42 euros, cutting Siemens's market value by about 12.5 billion euros. Siemens said today it reviewed the energy, transport and technology divisions and uncovered about 600 million euros in costs tied to power-plant projects alone....MORE