Table: Red Flags

Why investors are nervous about Siemens

-- Profits are still rising, but analysts doubt Siemens can deliver promised double-digit growth in 2001

-- Sales of telecommunications equipment and services are soaring, but profit margin is narrowing

-- Strengthening euro will cut value of overseas sales

-- Even after spin-off, boom-or-bust semiconductor unit makes earnings volatile

-- Siemens could be vulnerable if world economy slows more than expected

Data: BusinessWeek

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