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Enron Mail |
----- Forwarded by Jeff Dasovich/NA/Enron on 04/03/2001 12:06 PM -----
Margo Reyna 04/03/2001 11:48 AM To: Sue Nord/NA/Enron@Enron, Scott Bolton/Enron Communications@Enron Communications, Lara Leibman/Enron Communications@Enron Communications, Donald Lassere/Enron Communications@Enron Communications, Mona L Petrochko/NA/Enron@Enron, Barbara A Hueter/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Susan M Landwehr/NA/Enron@Enron, Marchris Robinson/NA/Enron@Enron, Ricardo Charvel/NA/Enron@Enron, Stephen D Burns/Corp/Enron@ENRON, Xi Xi/Enron Communications@Enron Communications, Allison Navin/Corp/Enron@ENRON, John Neslage/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Eric Benson/NA/Enron@ENRON, Karen Huang/Enron Communications@Enron Communications, John Neslage/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Carmen Perez/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, William Patrick Lewis/HOU/ECT@ECT cc: Subject: Article: Sagging Telecommunications Sector Leads Nasdaq Down Sagging Telecommunications Sector Leads Nasdaq Down By Johnathan Burns 04/03/2001 Dow Jones News Service (Copyright © 2001, Dow Jones&Company, Inc.) NEW YORK -(Dow Jones)- The telecommunications sector led the Nasdaq Composite Index down Tuesday, as investors worrying about the earnings season and a slowdown in carrier spending hammered many stocks to new lows. The selloff of telecommunications carriers and equipment makers was widespread, with all of the big-name companies trading negatively. Shares of optical component maker JDS Uniphase Corp. (JDSU) earlier hit a 52-week low, recently trading down 11% to $14.88. Optical systems market leader Nortel Networks Corp. (NT) also hit a 52-week low, recently trading down 7% to $13. The day's biggest loser in the equipment space was optical systems maker Ciena Corp. (CIEN), which hit a new low and was recently trading down 16.5% to $35.50. The bloodshed was so widespread that a host of other equipment companies also hit new lows: Lucent Technologies Inc. (LU) recently traded down 11% to $7.88 while Corvis Corp. (CORV) was recently down 14.4% to $5.19. A rash of earnings warnings by software companies like Redback Networks Inc. (RBAK) and fiber optic equipment maker Harmonic Inc. (HLIT) after the bell Monday, coupled with continued funding concerns for start-up phone companies, served as a one-two punch for the sector. Start-up phone company Winstar Communications Inc. (WCII) recently traded down almost 54% to 41 cents, while peers Teligent Inc. (TGNT) dropped 31% to 28 cents and XO Communications Inc. fell 38% to $3.22. Investors have become increasingly nervous that those companies will face bankruptcy, as the capital markets have dried up. Even well-funded carriers weren't exempt from Tuesday's selling pressure. Shares of Qwest Communications International Inc. (Q) barely stayed above its 52-week low of $32.13, recently dropping 6.2% to $33.50, while shares of AT&T Corp. (T) were off 5.1% to $20 and WorldCom Inc. (WCOM) fell 6.4% to $17.50. -By Johnathan Burns, Dow Jones Newswires; 201-938-2020; johnathan.burns@dowjones.com Folder Name: Telecom Technology: Fiber Optics Relevance Score on Scale of 100: 65 ______________________________________________________________________ To review or revise your folder, visit Dow Jones CustomClips or contact Dow Jones Customer Service by e-mail at custom.news@bis.dowjones.com or by phone at 800-369-7466. (Outside the U.S. and Canada, call 609-452-1511 or contact your local sales representative.) ______________________________________________________________________ Copyright © 2001 Dow Jones & Company, Inc. All Rights Reserved
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