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Technology Stocks : Global Crossing - GX (formerly GBLX)
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To: Sir Francis Drake who wrote (9002)11/14/2000 11:27:10 AM
From: jopawa   of 15615
 
Here's the Lehman comments. I must say, considering what most consider a positive report and the mkt rocking.....a very sorry price performance for GX. Looks like it will wallow in the teens for a long time to come.

Global Crossing(GX) 2 - Outperform
Lower Estimates and Target
·With ample evidence of extreme competition in US LD and data markets, we believe current 01 expectations will prove aggressive, and we are reducing our estimates and target.
· With expectations for major carriers coming down on LD voice/data, we do not believe GX is immune from industry issues. Voice is a third of revs, and wholesale voice is 16% of revenues, while 01 revenue growth expectations are in the 40% range.
· GX’s Q300 Adj EBITDA was up 6% vs Q2, but must grow 14% seq. (next 5 q’s) to meet estimates.
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