This was on New York Times site --
"Filed at 5:40 p.m. EDT
By Reuters
TORONTO (Reuters) - Shares of communications equipment maker Nortel Networks Corp. surged more than 7 percent Monday on momentum buying.
Brampton, Ontario-based Nortel, increasingly involved with Internet-related products, hit a new 52-week peak of C$79.60 Monday. The stock then slipped to close at C$79.10, up C$5.40.
Nortel's 12-month low is C$20.82.
In New York, Nortel rose $3-13/32 to finish at $53-7/8.
``They're just on a roll right now,' said Alex Cena, analyst at U.S. brokerage Salomon Smith Barney. ``The whole group's hot today.'
Some observers expect that Nortel, which will showcase its products at the Telecom '99 conference this coming weekend in Geneva, will likely make some announcements during the show to take advantage of the media presence.
``Nortel won't be the first, or the last, company to hold a flurry of announcements,' said Rob MacLellan, analyst at CT Securities.
``Nortel, stockwise, is one that depends on momentum investors, at this point,' MacLellan added. ``The street has to be careful of bidding already pricey stocks up.'
Last week Nortel became the first Canadian company valued at more than C$100 billion. Its market cap at Monday's close was about C$107 billion. |
