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Pastimes : Home on the range where the buffalo roam
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To: jjkirk who wrote (5424)9/28/2000 1:57:11 AM
From: jjkirk  Read Replies (1) of 13572
 
Optical Stocks Hit by Rumor

Optical stocks took a beating on the Nasdaq today, with some down more than
10 percent.

One reason could be rumors floating around Wall Street that research analyst
Paul Sagawa of Sanford C. Bernstein & Co. Inc. will downgrade several optical
stocks this evening after the market closes. Sagawa will lead a conference call
tomorrow morning at 11 a.m. EST where he is expected to announce negative
optical industry news, based on a survey of over 60 companies in the sector.

One of the stocks hit the hardest today was ADC Telecom (Nasdaq: ADCT).
Coming down off its high of $29 this morning, the stock fell roughly 11 percent.
JDS Uniphase Inc. (Nasdaq: JDSU) also took a hit, its stock falling about 5
percent. Lucent Technologies Inc. (NYSE: LU) and Nortel Networks Corp.
(NYSE/Toronto: NT) also dipped about 5.5 percent and 9.2 percent, respectively.
High flyers such as Juniper Networks Inc. (Nasdaq: JNPR) (down 2 percent) and
Corvis Corp. (Nasdaq: CORV) (down 7 percent) also suffered.

Sagawa did not return phone calls before press time.

-- Marguerite Reardon, senior editor, Light Reading, lightreading.com

Thanks to kruzer on RB Ciena board for digging this out...jj
ragingbull.altavista.com
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