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Technology Stocks : PairGain Technologies

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To: RJP who wrote (29839)	4/7/1999 12:27:00 PM
From: Sammy Adams	Read Replies (1) of 36349

PairGain Shares Rise on Bogus Report ECI Telecom Buying Company (Bloomberg) from bloomberg: **************************************** PairGain Shares Rise on Bogus Report ECI Telecom Buying Company PairGain Shares Rise on Bogus Report ECI Telecom Buying Company Tustin, California, April 7 (Bloomberg) -- PairGain Technologies Inc. shares rose as much as 31 percent after a bogus report on the Internet said the phone-equipment maker agreed to be acquired by Israel's ECI Telecom Ltd. ''We have not announced an agreement with ECI,'' said Charles McBrayer, PairGain's chief financial officer, denying the report. ''We have not announced a thing.'' ECI offices in Petah Tikva, Israel, were closed today for the Passover holiday. The story, which was posted on a message board operated by Yahoo! Inc., said ECI would buy Tustin, California-based PairGain for about $1.35 billion in cash and other compensation. The story was identified as coming from Bloomberg News. Bloomberg News didn't write the story. PairGain rose 1 to 9 1/2 in midday trading of 8.7 million shares. Earlier, the shares touched 11 1/8. ECI's U.S. shares fell 1/2 to 35 3/4. NYSE/AMEX delayed 20 min. NASDAQ delayed 15 min.

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