Ascend Communications (ASND) Message Board

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Technology Stocks : Ascend Communications (ASND)

ASND 209.02

-0.7%

Nov 24 3:59 PM EST

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To: Andie Wei-Ku Lin who wrote (18064)	10/17/1997 12:29:00 PM
From: hpeace	of 61433

THREAD< BUYOUT RUMOR NEW YORK, Oct 17 (Reuters) - Shares in Ascend Communications rose in morning activity on Friday amid market rumors Lucent Technologies Inc (NYSE:LU) was exploring the possibility of buying the company. According to the Wall Street Strategies newsletter, the strong performance today by Ascend shares -- as tech stocks were suffering broad losses -- was linked to the buyout rumor. A Lucent spokesman declined comment on the rumor as a matter of company policy. A spokesman for California-based Ascend was not yet available to comment. Ascend, which earlier this year acquired Cascade Communications in a stock deal, has surfaced as a rumored target as its shares have fallen more than 50 percent from their year's peak of around 80, closing on Thursday at 33-5/8. Ascend shares rose 1-3/8 to 35 on heavy volume of nearly seven million shares in late morning. One trader unaware of the rumor said Ascend's gains could be a function of the stock recovering after losses suffered in the wake of Lucent's recent $650 million deal to acquire privately-held Livingston Enterprises. "The stock probably got oversold after the Livingston deal," the trader said. "I think there were some competitive concerns there." Shares in Lucent fell 2-1/8 to 85-7/8. Volume was not particularly heavy, with less than one million shares traded shortly before midday. Most other networking shares were weaker, with Cisco Systems (NASDAQ:CSCO) off 1-1/8 to 80-9/16 and 3Com Corp (NASDAQ:COMS) down 1-1/16 to 50. Bay Networks Inc (NYSE:BAY) was modestly higher, however, gaining 7/8 to 35-13/16 after reversing early losses.

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