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Technology Stocks : Lucent Technologies (LU)

LU 2.670

-2.2%

3:32 PM EST

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To: Ibexx who wrote (3729)	8/22/1998 1:15:00 AM
From: Ibexx	Read Replies (1) of 21876

Thread, More on the jolting of CIEN and (possible) selection of LU by AT&T: ____ CIENA, TELLABS MERGER VOTE DELAYED By Red Herring Online Staff Red Herring Online August 21, 1998 Ciena (CIEN) and Tellabs on Friday put off shareholder votes on a proposed merger after Ciena announced that AT&T (T) has dropped it from consideration for a major contract. Ciena's shares dropped by nearly half on Friday, to $29.75, and Tellabs' (TLAB) were up $2.50 to $59.75. Just last week, Ciena issued a warning for its third-quarter earnings. Tellabs at the time said the Ciena merger -- a one-for-one stock swap worth about $7.1 billion -- would still go through. AT&T said it won't consider Ciena's dense wavelength division multiplexing gear, equipment that increases the capacity of fiber-optic networks. Ciena had been banking on a $100 million contract to provide the gear. Telcos WorldCom and Sprint together represent nearly all of Ciena's business, and analysts have been questioning the way Ciena has reported revenues from those firms. WorldCom dropped Ciena early this year, and Sprint says it will consider adding another vendor later this year. AT&T says it is testing equipment from Lucent Technologies. redherring.com Ibexx

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