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Technology Stocks : Nortel Networks (NT)
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To: Bud who wrote (4078)12/29/1999 12:03:00 PM
From: Master (Hijacked)  Read Replies (1) of 14638
 

Nortel Networks Corp -

NP says Nortel sets NYSE ablaze with record gains

Nortel Networks Corp
NT

Shares issued 678,860,932
1999-12-24 close $144.5

Wednesday Dec 29 1999

The National Post reports in its Tuesday, Dec. 28, edition that Nortel Networks made its largest gain yet in New York yesterday as Canadian investors remained on the sidelines with the Toronto Stock Exchange closed for the holidays. The National Post's Thomas Hirschmann writes that late in the afternoon, CNBC reported that Nortel had been switched from a value stock to a growth stock in the Standard & Poor's universe of indexes. The share price responded by acting like a growth stock as index players mimicked the change. The stock surged 10.8 per cent, hitting a new record high of almost $110 (U.S.). Parent BCE also benefitted rising 10.3 per cent to almost $98. Had markets been open in Canada, Nortel would have gained about $15.50 on the TSE to close at about $160 a share, while BCE would have been up about $13.25 to close at about $145 a share. The news that Nortel had been reclassified as a growth stock pushed the stock higher as fund managers scrambled to include it in their portfolios.

(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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