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Technology Stocks : Newbridge Networks

NN 11.97

+5.3%

Nov 21 9:30 AM EST

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To: zbyslaw owczarczyk who wrote (8911)	1/8/1999 3:12:00 PM
From: pat mudge	Read Replies (1) of 18016

January 08, 1999 12:04 ADR REPORT - Cable & Wireless rises NEW YORK, Jan 8 (Reuters) - Cable & Wireless Plc's ADR's rose Friday, boosted by talk that Deutsche Telekom AG would bid for the British telecommunications company. Cable & Wireless stood out in mixed trading for ADRs -- American Depositary Receipts -- marked by profit-taking and moderate volumes. "It's really mixed market," said Val Kosmider, vice president for international equity trading at Handelsbanken. "Every other one is either up or down." Cable & Wireless rose 2-7/8 to 42-7/8, slipping from a record high of 44-1/2 in moderate trade. The rise came amid market rumors that Deutsche Telekom had approached Cable & Wireless about a bid. The companies declined to comment on the rumors. Deutsche Telekom dropped 1-9/16 to 37-13/16. Hong Kong Telecommunications Ltd. , majority owned by Cable & Wireless, also rose on the news. The ADRs were up 1-3/16 to 18-7/16. Taiwan Semiconductor Manufacturing Co. Ltd. was up 3-1/16 to 19-1/8 after the company said 1998 sales were up 14.3 percent. Taiwan Semiconductor also forecast better sales and profits in 1999. Luxury goods maker Gucci Group rose 4-9/16 to 72 after the company said it was on course for almost 5 percent earnings growth for the year ending this January. Gucci also is at the center of takeover talk. The Bank of New York index of 445 leading ADRs was off 0.53 percent. ADRs allow U.S. trade of foreign shares. ((--Ian Simpson, Wall Street desk, (212) 859-1879))

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