Computer Industry Briefs

Nokia Cuts Sales Forecast Again

Nokia Corp. last week cut its business outlook for the second time this year, warning that year-to-year revenue growth for the second quarter will be less than half of its original prediction. The Espoo, Finland-based maker of cell phones and other wireless technology also said it's currently "revisiting" sales forecasts for the second half of the year because of signs that the economic softening in the U.S. is spreading. Updated projections are due to be released in mid-July along with Nokia's second-quarter results.

Peregrine to Buy Rival Remedy Corp.

Peregrine Systems Inc., which develops a mix of asset-management and business-to-business software, last week said it has agreed to buy rival Remedy Corp. in a combined cash-and-stock deal valued at more than $1 billion based on current share prices. San Diego-based Peregrine said the acquisition will match Remedy's base of small and midsize users with Peregrine's enterprise-level customers and give the latter group access to Mountain View, Calif.-based Remedy's line of customizable applications. Peregrine will pay about $275 million in cash and issue 27.9 million new shares of its common stock to buy Remedy.

Short Takes

Sales and customer service software vendor FirePond Inc. in Waltham, Mass., is laying off about 190 workers worldwide, or 30% of its workforce, as part of a restructuring. . . . Storage device maker Iomega Corp. has eliminated 110 manufacturing jobs at its headquarters in Roy, Utah, consolidating all of its equipment production at its facility in Penang, Malaysia. . . . Murray Hill, N.J.-based Lucent Technologies Inc.'s debt rating was formally downgraded to junk bond status by New York-based Standard & Poor's Corp.

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