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Technology Stocks : Global Crossing - GX (formerly GBLX)
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To: Rupert who wrote (2071)9/23/1999 8:08:00 AM
From: Ron  Read Replies (1) of 15615
 
Going Global: Keep an eye on Global Crossing
(GBLX), the fiber-based communications upstart
that plans to buy Frontier Corp. (FRO) for $9
billion. After the bell, Standard & Poor's said it
would replace Frontier with Global on the S&P
500 index. This usually results in a rise in the
newly added stock because funds that track the
widely followed S&P 500 have to add the stock to
their holdings. Indeed, Global shares were up
more than 7 percent in after-hours trading
Wednesday evening.

Global already has regulatory clearance to buy
Frontier, the No. 5 U.S. long-distance company.
Global shareholders approved the deal
Wednesday, and Frontier shareholders are slated
to vote Thursday. Under the current terms of the
deal, each Frontier share would be swapped for
2.05 Global shares. Frontier shares were also
higher in after-hours trading.
From UpSide. Getting wide coverage :)
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