Fujitsu and Toshiba suffer as Nortel and Compaq rally

Fujitsu and Toshiba have both reported poor earnings for the six months ending 30 September, with Toshiba showing a net loss of $440m, and Fujitsu's earning falling dramatically to $22.6m.
Toshiba had made a profit of $40m in the same period the previous year, while Fujitsu made $80m - 70 per cent more than in 1999.
Fujitsu also announced that Larry Saunders, president and CEO for computer products of America, has resigned this week.
Meanwhile Compaq and Nortel Networks had better news. Nortel's third quarter saw revenues rise from $4.14bn to $5.39bn - an increase of 30 per cent with net earnings up to $380m from $236m for the corresponding quarter last year.
Compaq's worldwide revenue was $9.2bn for the third quarter with net income on an operational basis at $117m and a total net income standing at $140m.