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was falling 8% on news that the European mobile phone company cut its forecasts for its German and Italian operations.

Vodafone said earnings before interest, taxes, depreciation and amortization in 2002 for the German unit D2 and the Italian business Omnitel will probably be 5.2% below the prior estimate. For 2003, the company took its EBITDA estimates for the operations down 8% from the previous forecast.

The mobile phone company said its statement shouldn't be interpreted as a revision to its current trading position or future prospects. Investors sent the stock down as much as 9% in European trading.

Recently, Vodafone was trading at $14.52 after closing at $15.87 Thursday.