From DJ:
February 18, 1999
Dow Jones Newswires
E-Tek,Uniphase Shrs Up Ahead Of Optical Components Meeting
Dow Jones Newswires
NEW YORK -- E-Tek Dynamics Inc.'s (ETEK) and Uniphase Corp.'s (UNPH) shares climbed more than 10% each Thursday in anticipation of an optical fiber conference both companies will be presenting at on Sunday.
"The conference will, at a minimum, give companies like E-Tek and Uniphase some visibility," said NationsBanc Montgomery Securities analyst William Magill.
Magill said both companies are among a slew of optical-components producers displaying new products and talking to prospective investors at the "high-profile" trade show in San Diego, Calif.
E-Tek shares have been showing strength ever since the company made its initial public offering in early December, Magill said.
"It is a well-positioned company in a high-growth market," Magill added. "People are willing to pay a premium for its stock."
Donaldson Lufkin & Jenrette Securities Corp. analyst Stephen Koffler said E-Tek and its "peer," Uniphase, are "incredibly" well-positioned to capitalize on the growing demand for components that allow companies to expand their fiber-optic network.
Additionally, the competing companies are the only two major fiber optic components manufacturers trying to meet a "real lack of supply in the industry," Koffler said.
Earlier, Koffler reiterated his top pick rating on E-Tek with a $40 price target.
E-Tek closed up 4 11/16, or 16.7%, to 32 11/16 on Nasdaq volume of about 447,000, compared with an average daily volume of 461,000.
Uniphase shares closed the session up 7 1/16, or 9%, at 85 11/16 on Nasdaq volume of 1.1 million, compared with an average daily volume of 809,000. Earlier, they reached as high as 86 3/4, or 10.3% above the previous close of 78 5/8.
- Amy Hughes; 201-938-5171
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