Tuesday, September 26, 2000
ADCT slides over 6 percent
--12:47 pm - By Michael Baron
ADC Telecom (ADCT: news, msgs) is falling $1.94, or 6.1 percent, to $29.62. Michael Sheldon, chief market strategist at Spencer Clarke, attributed the drop to investor concerns that languishing telecommunications providers like AT&T (T: news, msgs) and WorldCom (WCOM: news, msgs) may slow spending on capital equipment. "Absent any news, that seems to be what's weighing on the stock," said Sheldon, who has a "strong buy" rating on ADC with a price target of $65. "The sentiment is very poor right now." Brushing aside these spending worries, Sheldon said ADC is looking cheap. "I'd be an agressive buyer of the stock at these levels," he said. "The company has very good visibility for its revenue and earnings, a growing presence in the optical market and a diversified customer base." |
