Although this is not as substantially covered as Cisco taking the #2 spot replacing GE, a few reports covered NT and LU are trading places as well in the communication field.
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Nortel passes Lucent in market value
10-FEB-2000
Bloomberg: Nortel passes Lucent in market value
Nortel Networks Corp. passed
larger rival Lucent Technologies Inc.
in market value, marking the first time North America's
two biggest makers of phone equipment have traded
places by that measure, Bloomberg news reports.
Nortel rose 1 5/8 to 122 1/16 in New York Stock
Exchange trading Wednesday, giving it a market value
of $167.2 billion, compared with Lucent's $166.6
billion. Lucent shares fell 1 9/16 to 52 13/16. Nortel's
stock has more than quadrupled in the last 12 months.
The reversal came the same day that Cisco Systems
Inc., the No. 1 maker of Internet equipment and top
rival to Nortel and Lucent, rose to a $441 billion
market value after it said its fiscal second-quarter
revenue surged 53 percent to overtake General Electric
Co as America's second-most valuable corporation
overall, trailing only Microsoft.
Globe & Mail: Nortel overtakes rival Lucent in market value
Nortel Networks Corp., the crown
jewel of Canada's high-technology
industry, overtook rival Lucent Technologies Inc. in
market value for the first time yesterday. Nortel was
worth $166.2-billion (U.S.) at yesterday's close, just
edging past Lucent's value of $165.9-billion. "This is
unbelievable, it's a watershed event," said Gurinder
Parhar, technology analyst at Dundee Securities Inc. of
Toronto. Nortel's stock is continuing a year-long meteoric rise, but Lucent's share price
has fallen as the company has stumbled lately, Mr. Parhar said. Nortel bolstered its
presence in the burgeoning e-commerce software market with two deals yesterday.
Nortel acquired Dimension Enterprises Inc., a Herndon, Va.-based consulting company,
in a $64.5-million cash deal and, separately, paid $9-million for a 10-per-cent stake in
Delano Technology Corp. of Richmond Hill, Ont. - an e-business communications
software provider that went public yesterday. |
