Marconi takes a tumble and sheds more jobs.(Marconi Corporation PLC)(Brief Article)

LONDON, ENGLAND--Industry giant Marconi suspended trading in London shares for one day July 4 as the telecom recession hit harder than expected. When trading reopened, shares tumbled from [pound]2.45 (US$3.44) to a low of [pound]1.13 (US$1.58), a drop of 54%, compared to the 52-week high of [pound]12.50 (US$17.52), the stock has dropped 91%.

Marconi says that market conditions during the first quarter ending in June have been much tougher than expected and blame financial constraints on the service providers, particularly in Europe, for their lack of orders. The company currently expects that sales for the year ending March 31, 2002, will be about 15% lower than the …