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Technology Stocks : Ascend Communications-News Only!!! (ASND)
ASND 196.01-0.8%3:59 PM EST
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To: Immi who wrote (1473)6/16/1998 9:16:00 AM
From: Duke  Read Replies (1) of 1629
 
Brief: Nortel pulled the trigger and the winner was Bay Networks... BAY acquired for what turned out to be close to $7 bln... Deal was originally reported at $9.1 bln, but more than 9 point drop in NT's stock after announcing acquisition resulted in reduced price... For Bay it means takeover price is in the $32 1/2 area, or just shy of what we expected ($33-$35)... Removal of Bay from the marketplace leaves Ascend (ASND) as the primary takeover candidate in the industry... Lucent and Ericsson are the top suitors... Stock gained 1/4 Monday, despite market's bearish tone... FORE Systems also posted slim gain on takeover speculation.

Brief: Selling catching up to the telecom equipment group, as Lucent, Qualcomm, ADC Telecom and Nortel posted sizable declines... Later company took a bath (-9 9/16) after announcing plans to acquire Bay Networks... Street concerned that NT is buying damaged goods... Reaction similar to disdain shown for 3Com's purchase of US Robotics... Tellabs bucked trend, gaining 1 11/16... Overall, relatively high valuations of industry leaders (due to strong year-to-date performance) leaves group vulnerable to additional weakness should market tone continue to deteriorate... Quite simply, investors won't wait too long before taking profits off the table.
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