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Technology Stocks : Lucent Technologies (LU)

LU 2.650

-2.9%

Nov 14 9:30 AM EST

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To: Ibexx who wrote (3722)	8/21/1998 4:33:00 PM
From: Ibexx	Read Replies (1) of 21876

Thread, The following news article confirms what I posted before: __ CIEN shares pay after AT&T hangs up Merger with Tellabs on ice after AT&T's pullback By Steve Gelsi and Tiare Rath, CBS MarketWatch Last Update: 4:02 PM ET Aug 21, 1998 Also see NewsWatch LINTHICUM, Md. (CBS.MW) -- Ciena shares dropped 43 percent Friday after the telephone fiber-optics company said AT&T will no longer review its products. A leading telecom consultant speculated that AT&T (T) might be considering methods other than Ciena's (CIEN) wavelength division multiplexing systems to combat its bandwidth constraints. Ciena shares fell 24 15/32 to 32 5/16. The news cast serious doubt on Ciena's planned merger with Tellabs (TLAB). Ciena said in a statement that it had adjourned a meeting at which shareholders were to vote on the $7.1 billion merger. Tellabs shares rose 1 1/4 to 58 1/2. Tellabs stockholders were also due to vote on the pact, but the company canceled its meeting as well. Both Ciena and Tellabs rescheduled their shareholder meetings for Sept. 9. "This would be a huge hit on Ciena," Jeff Kagan of Kagan Telecom Associates said of the AT&T announcement. "Ciena is a great, entrepreneurial company that reached the big time with a very successful solution to a bandwidth problem, but as fast as it rose it can also fall with the invention of something else that's better." Kagan said that AT&T could be mulling a different method to cope with narrow bandwidth, an industrywide constraint to growth of Internet transmissions. AT&T representatives were not immediately available for comment. On Aug. 14, shares of Ciena dropped 24 percent after the telecommunications equipment maker said its third-quarter profit would be less than half of what Wall Street expected. At that time, Tellabs and Ciena officials reaffirmed that they intended to merge. _____ Ibexx

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