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Technology Stocks : Nortel Networks (NT)

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To: David Kelly who wrote (5059)	3/17/2000 11:33:00 AM
From: blaireo1	Read Replies (1) of 14638

More terrific news. It is being reflected in today's stock price. Saw Bob Pisani talking about it at 10:35am. Friday March 17 11:14 AM ET Canada's Nortel Surges on Index Reweightings OTTAWA (Reuters) - Shares in Nortel Networks Corp. (Toronto:NT.TO - news)(NYSE:NT - news) shot up nearly 5 percent on Friday as the network equipment developer's weighting was set to increase on several indices before the markets open on Monday. Stock in Nortel added C$8.65 on the Toronto Stock Exchange to trade at C$183.75 on active trade of 3.1 million shares on Friday. On New York the issue picked up 4 2/16 to trade at 124 13/16 on trade of more than 4 million shares. ``There's a lot of index guys out there who will probably have to buy it up,' said Truc Do, analyst at SoundView Technology Group. ``The optical tide is lifting all boats.' A reweighting on the S&P 500 reflects an increase in the number of Nortel outstanding shares from 1.33 million to 1.43 million. Nortel represented 1.37 percent of the S&P 500 on Wednesday, a spokesman said. That follows the completion of Nortel's merger with Clarify Inc. on Thursday, an all-stock deal in which Nortel issued approximately 31.7 million common shares. Shareholders in San Jose, California-based Clarify approved the deal on Thursday. Canadian index operations of Standard and Poor's will also boost Nortel's weighting to reflect an increase in float shares of Nortel. On the TSE 300 Composite Index, the weighting will increase by about 0.63 percent from 17.27 percent at February 29, said a TSE spokesman. The Brampton, Ontario-based firm's weighting on the TSE 100 will increase by about 0.71 percent, from 20.18 percent at the end of February. On the S&P/TSE 60 the weighting will increase by approximately 0.79 percent from 24.61 percent at the end of February. ($1-$1.47 Canadian)

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