NEW YORK (CBS.MW) - Telecommunications stocks jumped in active trading Tuesday, part of a broad-based rally in the stock market.
By Jeffry Bartash, CBS.MarketWatch.com
Last Update: 4:38 PM ET Nov. 13, 2001
The networking index climbed 5.2 percent, led by ADC Telecommunications (ADCT: news, chart, profile), which rose 22 percent after it announced a new product for voice telephony over cable modems.
Corvis (CORV: news, chart, profile ) screamed higher by 33 percent on volume of 18.6 million on comments at the Deutsche Banc Alex. Brown technology conference in Baltimore. Read more from the conference.
The sector's other big winner Tuesday was Williams Communications (WCG: news, chart, profile ), which soared 20 percent to $1.63 after saying it expects network services revenue growth of 10 to 20 percent in the fourth quarter.
Ciena (CIEN: news, chart, profile) faltered, sinking 2.3 percent despite a ratings downgrade by WR Hambrecht. Nortel (NT: news, chart, profile ) jumped 9.1 percent. Other big equipment makers, such as Lucent, Nokia, Cisco, Ericsson, JDS Uniphase and Alcatel showed healthy gains.
The Nasdaq Telecommunications Index, which tracks younger equipment manufacturers and phone carriers, gained 3.7 percent. .
The big phone stocks, as measured by Standard & Poor's Communications Services Index, gained 0.4 percent. Verizon (VZ: news, chart, profile ) fell 1.2 percent after CEO Ivan Seidenberg told a telecom conference in New York that he doesn't see a turnaround in the economy until late next year.
SBC Communications (SBC: news, chart, profile) fell 1.4 percent after it agreed to restructure its marketing and loan deal with Covad Communications. See full story.
The long-distance carriers were mostly higher, led by AT&T (T: news, chart, profile), up 2.6 percent, and Worldcom (WCOM: news, chart, profile), up 2.3 percent.
Jeffry Bartash is a reporter for CBS.MarketWatch.com in Washington. |
