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Technology Stocks : Qwest Communications (Q) (formerly QWST)

Q 84.35

+2.8%

3:59 PM EST

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To: SJS who wrote (4466)	6/30/1999 1:36:00 PM
From: SJS	of 6846

More fiber... ______________ Corning <GLW.N> lands biggest new fiber deal CORNING, N.Y., June 30 (Reuters) - Glass and optical fiber maker Corning Inc. on Wednesday said it would supply 80 percent of the five million miles that i-21 Future Communications will use for its new broadband network. Although Corning would not disclose how much the deal is worth, it said i-21's new network will reach 70 European cities and cost about $1.5 billion. Shares of Corning Wednesday hit a 52-week high of 70-1/2 before settling to 69-1/2, up 4-5/16 by the early afternoon. Corning shares were among the top 25 percent gainers on the Big Board Wednesday afternoon. "We are the primary supplier of the fiber," Corning Spokesman Robert DeMallie said. "This is the single largest contract of the LEAF fiber." Last year Corning developed the LEAF --large effective area fiber -- fiber, which allows more channels of information to be transmitted over longer distances. "It's been fastest selling fiber in our history and we invented optical fiber for commercial in the 1970s," he said. The deal calls for Corning to supply 6 million kilometers, or 3.5 million miles of the fiber and to be one of two companies to package it into cables. I-21 is a subsidiary of Interoute Telecommunications, the British carrier 77 percent owned by the Swiss Sandoz Family foundation. The network will connect 17 European countries, from Ireland to Scandinavia and west Europe to the Czech Republic, Belarus and Russia. The network is expected to be operational by May and completed by the end of 2000. Unable to access news story. Please try again later.

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