Something from FP:
Newbridge Networks Corp. (NNC/TSE), down $1.95 to $49.75, on volume of 1.1 million shares. Northern Telecom Ltd.(NTL/TSE), up $3.35 to 128.65, on volume of 255,295 shares. ATI Technologies Inc. (ATY/TSE), up 15› to $30.15, on volume of 155,665 shares.
Amid growing fears of continued market turmoil in Asia, technology companies continue to feel the heat. With their currencies falling against the US$, afflicted Asian countries can no longer afford to
buy as much computer equipment. However, they also produce plenty of circuitry for North American high-tech companies.
Software giant Newbridge continues to lose ground as it has substantial sales in the region. Since the beginning of October the South Korean won has declined 50% against the US$.
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I wonder if Newbridge would be buying forward curryncy contracts to minimize losses on currency flactuation? Does anyone know? |
