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Technology Stocks : Global Crossing (GLBC)

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From: tech101	7/13/2007 3:25:17 PM
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Out of the Gate: Global Crossing Friday July 13, 10:27 am ET Global Crossing Shares Rise on Jefferies Note Saying Investors Should Buy After Sell-Off NEW YORK (AP) -- Shares of Internet-based telecommunications company Global Crossing Ltd. rose in early trading Friday, after a Jefferies & Co. analyst said investors should buy following a sell-off. Jefferies analyst Romeo A. Reyes, in a client note, said shares are down about 11 percent in the week due to concerns about second-quarter performance. Reyes expects margins to improve in the second and third quarter due to lower costs and expense-control initiatives. Results should meet his expectations for revenue of $549.3 million, the analyst wrote. The consensus analyst estimate, according to a poll of two analysts conducted by Thomson Financial, projects revenue at $544 million. In addition, pricing trends for the industry are stable and might improve, wrote Reyes. The company reports second-quarter results Aug. 9. Shares of Global Crossing surged $2.13, or 12 percent, to $19.74 in morning trading. Questions or comments about this story should be directed to the Financial News desk of The Associated Press at 212-621-7190. biz.yahoo.com

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