ADCT, a number of press releases today about their optics division and hlit rumor
We actually expect fourth-quarter revenue to rise in the mid-50 percent range from year-ago levels,"
Last Update: 3:51 PM ET Aug 29, 2000:
NewsWatch Tuesday, August 29, 2000
ADC confirms Q4 outlook --3:51 pm - By Michael Baron
ADC Telecommunications (ADCT: news, msgs) is rising 4, or 11.3 percent, to 40 1/16. The stock is the most heavily traded issue on the Nasdaq exchange with 35.3 million shares changing hands, well above its average volume of 8.6 million shares. Rob Clark, a spokesman with ADC, confirmed the contents of a Dow Jones News Service interview with the company's CEO Bob Cadogan published Tuesday. In the interview, Cadogan said the company was comfortable with Wall Street earnings expectations for the fourth quarter [see 2:40 pm item] and that it won't pursue an acquisition of Harmonic Lightwave (HLIT: news, msgs). Clark added that the forecast for revenue growth reported by Dow Jones was a little low. "We actually expect fourth-quarter revenue to rise in the mid-50 percent range from year-ago levels," he said. Dow Jones quoted Cadogan as forecasting growth in the 40-to-50 percent range. ADC reported revenue of $582 million in the fourth quarter ended October 31, 1999. |
