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Wednesday, July 12, 2006

Ericsson, Weak Again

LM Ericsson (ERICY) ADR's are trading down 2.3% pre-market at $31.14 right before the open, and this has the stock within 5% of its 52-week lows it saw in June and will put it down almost $2.00 from the recent high close of $33.08 just last week. This is a stock that has been largely range-bound from $30 to $39 for almost every day of the last year. A research downgrade in Europe is to blame for this, and you know that the Lucent (LU) woes and the Alcatel (ALA) and Lucent merger cant be helping.

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