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Technology Stocks : Global Crossing - GX (formerly GBLX)

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To: Douglas W. DeVries who wrote (12712)	7/20/2001 1:09:13 PM
From: TechMkt	Read Replies (1) of 15615

Looks like TYCOM may be heading for rough waters. Fez ________________________ Friday July 20, 12:00 pm Eastern Time RESEARCH ALERT-Bear Stearns cuts TyCom to neutral NEW YORK, July 20 (Reuters) - Bear Stearns lowered its investment rating of TyCom Ltd. (NYSE:TCM - news) on Friday citing the electrical and electronic components maker's difficulties in its trans-Atlantic cable project. In a research note, it cut Bermuda-based TyCom to neutral from buy. ``Since TCM's July 2000 IPO, competitive conditions in the undersea market have deteriorated steadily,'' it said. ``TCM anticipated major pre-sales on its trans-Atlantic cable, but none materialized. Even after activating the cable, the company has only booked four orders of an indeterminate value.'' It said TyCom stock will only respond favorably to major capacity sales, which are unlikely to occur during the next few quarters. TyCom stock was down 23 cents at $14.57 on the New York Stock Exchange on Friday morning.

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