CHICAGO, March 4 (Reuters) - Telecommunications equipment
maker Tellabs Inc. rose more than 3 percent Thursday morning,
boosted by bargain-hunting and spillover from gains in other
technology stocks, analysts said. Tellabs was up $3.75 to $80.25.
"I see many tech stocks up today after having been weak for
quite some time," said Andy Schopick, analyst with NutmegSecurities.
Analysts also said Tellabs had a sound financial outlook
and remained a good buying opportunity, especially when thestock was below $80.
"I think its a better name in the group, and people seem to
want to own the stock," said William Magill, analyst with
NationsBanc Montgomery Securities. "I don't see much downside
in the (first) quarter, and I don't think they'll miss theirnumbers."
Analysts could not pinpoint any fundamental news or rumors
behind the rise in Tellabs but said the stock was historically
volatile and a 4-5 percent move in one day was not unusual.
Officials at Lisle, Ill.-based Tellabs, which designs and
makes voice, data and video transport systems for telephone
companies and long distance carriers, were not immediately
available to comment on the stock's strength.
chicago.equities.newsroom@reuters.com)) Copyright 1999, Reuters News Service |
