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Technology Stocks : METROMEDIA FIBER NETWORK (MFNX) -- Ignore unavailable to you. Want to Upgrade?

To: DavidCG who wrote (334)	6/16/1999 12:14:00 PM
From: DavidCG	Read Replies (1) \| Respond to of 1983

Metromedia Fiber up on expansion plan High-speed networker moving into London, Amsterdam By Jeffry Bartash, CBS MarketWatch Last Update: 12:00 PM ET Jun 16, 1999 NewsWatch Earnings Surprises WHITE PLAINS, NY (CBS.MW) -- Shares of Metromedia Fiber Network swelled more than 7 percent Wednesday after it said it will build high-speed fiber optic networks in the key European gateways of London and Amsterdam. The company, which operates nearly 400,000 miles of fiber optic lines on the East Coast and in Chicago, will nearly double its planned amount of capacity in Europe with the latest moves. It will lay down 32,400 fiber kilometers in London and 34,560 in Amsterdam. All together, Metromedia now plans to build 166,000 fiber kilometers in Europe. It's also building networks in Paris and several major German metropolitan areas. See press release. "The data communications and Internet market in Europe is expected to double by the year 2002," said Howard Finkelstein, president of Metromedia Fiber. "London and Amsterdam, the newest elements of our international expansion strategy, enable us to capture an increasing portion of this market." Shares of Metromedia (MFNX: news, msgs), whose stock has surged 10-fold over the past year, jumped 2 3/4 to 40 1/2 in recent trading on volume of 750,000. Metromedia is aiming to lure lucrative business customers in the major cities of Europe to its network for access to Internet-based forms of traffic, including data, voice and video. The company offers "virtually" unlimited amounts of "bandwidth" at a fixed price. cbs.marketwatch.com