We are all patient, right? However, on a day where the Dow finished up 288 points, and Cisco closed at 90, up 8 1/8, Lucent ended at 78, up 7 1/8, and Northern Telecom closed at 50 15/16, a gain of 3 7/16, Newbridge, a stock for very patient investors, closed the trading day at 18 15/16, up a meager 3/8. Wall Street has no patience for this stock. Ok, I am feeling better too because our stock price did not drop on an up day.
Larry --
I was a bit disappointed, too, but you have to realize all those you mention still didn't make up what they lost the day before. They're also Wall Street darlings and get more attention.
I do wonder if the Lucent 5ESS announcement might have affected NN temporarily.
On the bright side, with the stock at 19 there's a better chance for an upgrade than there was at 24.
Okay, now for some news I missed earlier:
From The Financial Times:
SATURDAY AUGUST 29 1998ÿÿTelecomsÿ
ENERGIS: Telecom firm to buy Planet Online
By Paul Taylor
Energis, the UK-based telecommunications group, is to pay up to œ85m to acquire Planet Online, which claims to be the UK's largest independent internet service provider focused on the business market.
The deal, the first for Energis since its flotation last year, comes just four months after ScottishTelecom, the communications division of Scottish Power, acquired Demon Internet for œ66m cash, and marks a further significant reorganisation of the internet service provider market in Britain.
Energis, whose shares fell 10p to 827«p at the close yesterday, rejected suggestions that the purchase could undermine its relationship with other internet providers.
Energis has been very successful selling bandwidth - spare telecoms capacity - to the estimated 200 independent internet service providers in the UK.
Currently Energis carries about 40 per cent of UK national internet traffic.
Under the terms of the deal, Energis is paying œ75m in cash for Planet Online which is privately owned and has three main shareholders including Paul Sykes, the Yorkshire businessman who is opposed to European economic and monetary union. A further œ10m will be paid depending on performance. Energis, which sells telecommunications services to business customers using fibre optic lines wrapped round the cables of the National Grid, its majority shareholder, said the acquisition would add to its portfolio value-added internet and intranet services, together with a substantial corporate customer base. Planet, which is based in Leeds and was set up three years ago, made after-tax profits of œ530,000 on turnover of œ24.7 in the year to March. It has net assets of about œ115,000 but its real value lies in its corporate customer portfolio which include Airtours, Barclays, Cadbury, Mirror Group, Reuters and Thomas Cook.
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[NN's Energis press: mainstreetxpress.com] |
