Lenovo tanks as recession fears hurt PC outlook
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Shares in Lenovo , which bought IBM's ailing personal computer business in 2005, dived more than 14 percent on Wednesday after a broker cut the Chinese firm to sell on growing fears of a U.S. recession.
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Improved profits surprise Wall Street, but PC maker warns that figures are preliminary and reveals little detail.
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By Mark Lee  Shares of Lenovo Group, the maker of personal computers, rose Tuesday after a report said that the company might cut 1,000 jobs to reduce costs.  The stock rose 1.3 percent to 3.13 Hong Kong dollars, or 41 U.S.
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The PC market won't grow as fast in 2004 as originally predicted by Gartner Inc. analysts, as concerns about the overall health of the U.S. economy weigh on the market, the market research company said Monday.
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The virtualization market leader saw its stock price drop sharply after reporting fourth-quarter financial results that fell short of Wall Street's profit forecasts.
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By Anne Krishnan, The News & Observer, Raleigh, N.C.  Feb. 28--Lenovo might be planning 1,000 layoffs worldwide to cut costs in  the ultra-competitive PC market, according to newspaper and wire reports from  Asia.
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IBM (IBM:NYSE - news - research) is reportedly ready to exit the PC business, having long lost its dominance in the arena. The report said Lenovo Group, China&#39;s top PC company, is among the interested bidders.
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IBM's deal to sell its personal computer business to China's Lenovo, a move likely to reshape the industry, signals the PC has evolved into a mass consumer item with little profit, analysts say.
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U.S. tech stocks fell on Monday as investors worried that Microsoft Corp.'s new Vista operating system may not be enough to sustain the recent rally in the company's share price.
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Wall Street futures were flat on Tuesday, as a lack of economic news led investors to focus on the falling price of oil and the falling dollar. Investors were also assessing the merits of IBM's planned sale of its personal computer division to Lenovo, the Chinese computer group, for &#36;1.75bn.
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(InfoWorld) - Making an effort toÂ compete with DellÂ for business users, Lenovo Group has launched a widescreen version of its ThinkPad line of notebook PCs. The ThinkPad T60 will use a 15.4-inch widescreen, yet hold its weight down to 5.1 pounds, lighter than any comparable notebook from the top five PC vendors, Lenovo said Tuesday. The company also hopes that adding this feature will regain consumers' confidence after Lenovo was forced in September toÂ recall the batteries from 526,000 ThinkPad modelsÂ -- including the T60. Like notebooks sold by competing vendors Dell, Apple Computer, and Toshiba, those computers used lithium-ion batteriesÂ manufactured by Sony, whose faulty design could lead to overheating and fire. Lenovo already sells widescreen notebooks in other product lines, such as the Z-series and 3000-series for small businesses, but this is the first widescreen model for corporate users, said Rajat Aggarwal, product marketing manager for the T-Series at Lenovo. Those customers can already chose a T60 notebook with 14- or 15-inch screen, but have recently been asking for the full widescreen version, allowing them to display more columns on an Excel spreadsheet, show multiple windows and fit better onto airplane tray tables, Aggarwal said. In another nod to high-end users, the notebook will be capable of running Microsoft's new Vista OS, with a dual-core Core 2 Duo processor from Intel and graphics card from ATI. Despite this package, Lenovo is lagging behind its rival PC vendors in delivering widescreen notebooks to the business market, analysts said. "Lenovo is playing catch-up in the widescreen game," said Samir Bhavnani, research director at Current Analysis. "Lenovo is a little late to the game because Dell's entire lineup of corporate systems is available in widescreen right now. Dell just identified a market shift before Lenovo did." Still, the product should be popular with Lenovo's core audience, the corporate user, Bhavnani said. Since acquiring IBM's notebook PC division in 2005, Lenovo has succeeded at preserving the ThinkPad brand's history of innovation, rolling out features such as the tablet PC and integrated wireless broadband. Lenovo is selling the ThinkPad T60 notebook with 15.4-inch display for $1,399 in the base model. Users can upgrade to a version that works as a laptop workstation for faster numeric computation or to run the Vista Premium OS.ADVERTISEMENTNEW IT SERVICES FROM IBM: EASIER TO BUY AND IMPLEMENTDiscover a simpler, more cost-effective way to get the solutions your company needs to grow more flexible and efficient.
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The computer maker's earnings hit estimates, but investors hoped for more.
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(InfoWorld) - Lenovo Group reclaimed the number three spot among PC vendors during the second quarter, pushing rival Acer back into fourth place. But Acer's exceptionally fast growth means the company isÂ likely to overtake LenovoÂ as number three for the entire year, if current trends continue. Acer has been on a roll in recent quarters, grabbing market share and putting pressure on Lenovo. During the first quarter of 2007, Acer tied Lenovo for third place, with both companies reporting shipments of nearly 4 million PCs, giving each company 6.7 percent of the market, according to IDC. Acer, which has made taking the number three spot from Lenovo aÂ principal goal for the year, was able to match Lenovo during the first quarter because of seasonal buying trends in China. Lenovo depends heavily on China, where it has long dominated PC sales. The company's first-quarter sales were slowed by the Chinese New Year holiday, a time when PC sales dive in China. Lenovo saw its first-quarter shipments increase 17.4 percent over the previous year, while Acer's shipments rose 41.4 percent, IDC said. Acer's first quarter sales weren't hit during by Chinese New Year because the company remains a relatively minor player in China, despite having roots in Taiwan, which shares a common language and culture. Acer's presence is much stronger in Taiwan, which also celebrates Chinese New Year. But Taiwan's relatively small population means the holiday had a minor impact on Acer's overall sales during that period. During the second quarter, Lenovo was able to reclaim the number three spot, with a 22.3 percent increase in unit shipments, to almost 4.9 million units, IDC said.Â Acer fell to the number four spot, but showed strong growth during the period. The company's shipments rose 55.4 percent over the same period last year, to almost 4.3 million units -- just 600,000 units fewer than Lenovo. That relatively narrow gap puts Acer within striking distance of Lenovo, assuming current growth trends continue through the rest of the year. Acer did well around the world during the second quarter, with the company posting unit shipment growth of 30 percent or more in every region. The company did particularly well in the Americas, IDC said. "New retail and dealer partner agreements are quickly expanding the company's access to the market, contributing to volume gains," it said. Â
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Squeezed at home, China's biggest computer maker, Lenovo, is buying IBM's money-losing PC business. But venturing abroad is fraught with risk
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Late Tuesday, IBM announced that it&#39;s selling its PC business to Lenovo Group Limited, the leading PC brand in China. IBM&#39;s current PC business ranks a distant third behind Dell and HP
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Shares in Lenovo , the world's third largest PC maker, slid more than 2 percent after news that U.S. rival Gateway  will try to block the Chinese firm's effort to buy European-focused Packard Bell.
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HONG KONG : Shares in China&#39;s largest personal computer-maker Lenovo fell in Hong Kong trade, as they resumed trading after the company&#39;s purchase of American IBM&#39;s PC-making business.