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Technology Stocks : Qwest Communications (Q) (formerly QWST)

Q 74.89

-5.9%

Nov 20 3:59 PM EST

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To: John S. Baker who wrote (1065)	4/3/1998 11:49:00 AM
From: Nick	Read Replies (1) of 6846

Friday April 3, 11:07 am Eastern Time GTE jumps on plan to cut costs, sell assets NEW YORK, April 3 (Reuters) - Shares of GTE Corp. (GTE - news) jumped more than six percent on Friday after the telecommunications company outlined plans to cut costs and sell non-core businesses. GTE gained 3-13/16 to 64-1/4 in morning trading. The Stamford, Conn.-based company aims to generate $2 billion to $3 billion by selling nonstrategic operations and plans to cut annual costs by more than $500 million over two years through staff cuts and efficiency moves. The changes will give GTE added capital for investments and acquisitions as it looks to bolster its presence in the fast-growing data market. ''It's the right step. Everyone needs to keep their mind set on the attractive, faster-growing parts of the business and keep getting costs down,'' said Kevin Gooley, an analyst with S&PConsumer Markets. GTE Chief Financial Officer Mike Kelly said the actions were not being taken to make the company a more attractive takeover target. ''These actions ... were not preparing for us to acquire something or not thinking that somebody was going to buy us,'' but instead will allow the company to trim non-strategic assets, Kelly said. GTE last fall entered the bidding war for MCI Communications Corp. (MCIC - news) but lost to WorldCom Inc. (WCOM - news). Since then GTE has been seen as a possible partner for MCI's other spurned suitor, British Telecommunications Plc (quote from Yahoo! UK & Ireland: BT.L), or upstart Qwest Communications International Inc. (QWST - news).

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