Ericsson

(ERICY)

was up 8.7% in preopen

Island

trading after it announced it will cut 2,100 jobs in Sweden and halt production at two British plants as part of a cost-cutting program that will yield annual savings of around $1.96 billion beginning in 2002. The Swedish telecommunications-equipment maker issued an earnings warning two weeks ago.

Rival

Nokia

(NOK) - Get Report

also announced job cuts, saying it will eliminate 300 to 400 positions in its networks unit. Nokia was up 1.9% in preopen

Instinet

trading.