Marconi (MONI) was down 50.4% in preopen Island trading after the company warned last night its 2002 operating profit would be down about 50% from last year's profit of 702 million pounds ($985.6 million). The telecom equipment maker said sales would be about 15% lower than the year-ago period.

The company also said it would cut 4,000 jobs, including 1,000 management positions.

A host of analysts, including those from

Goldman Sachs


Morgan Stanley


Merrill Lynch


UBS Warburg

, cut ratings and estimates on the stock this morning. Morgan Stanley downgraded the stock to neutral from outperform.

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FTSE 100

company suspended trading of its shares in Europe Wednesday prior to the post-close warning.



was down 9.4% in preopen


trading and


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was down 7.6%.