Economic Indicators Boost Networkers
March 04, 2002 6:35:00 PM ET
news.moneycentral.msn.com
SAN FRANCISCO (Reuters) - Shares of communications network equipment makers rallied on Monday as investors looked to signs of economic recovery, suggesting companies could boost information technology spending, analysts said.
Investors also scooped up shares of network gear makers because their prices had dropped in recent weeks as concerns about sluggish current-quarter revenues flared, analysts said.
Shares in Corvis Corp. (CORV) posted the best gains among networker stocks, rising 27 cents, or 25 percent, to close at $1.35.
Shares of No. 2 network gear maker Juniper Networks Inc. (JNPR) notched the second-best gains among networker stocks, rising $1.90, or 19.3 percent, to close at $11.73.
Shares in No. 1 Internet equipment gear maker Cisco Systems Inc. (CSCO) gained $1.48, or about 9.9 percent, to close at $16.48, and the American Stock Exchange Networking Index closed up about 7.2 percent.
``It's really amazing to see intraday moves of such substance for companies that may continue to be weak for a couple of more quarters,'' said Tim Slevin, an analyst with brokerage Parker/Hunter. |
