Stockwatch Daily: Nasty opening for Euro techs

News of 4,000 job losses has certainly taken a massive toll on Marconi's share price.

After trading was suspended yesterday, its shares initially lost more than 50 per cent upon opening today; although by mid-morning this was reduced to 45 per cent.

The knock-on effect resulted in losses by related companies including optical component maker, Bookham Technologies, which was off by 19 per cent as of 10:00 BST.

But it's not only Marconi that's faltering. Baltimore Technologies lost 30 per cent on the back its threat to cut jobs as part of a major review of its strategy. Some changes are already underway and the company is predicting that it will save £14m as a result of these cost-saving activities.