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Technology Stocks : Redback Networks, Inc. (RBAK) -- Ignore unavailable to you. Want to Upgrade?

To: LakesideTrader who wrote (104)	6/22/1999 10:49:00 AM
From: William F. Wager, Jr.	Read Replies (1) \| Respond to of 1956

Redback Networks Rises 5% on Sales-Growth Optimism Sunnyvale, California, June 21 (Bloomberg) -- Redback Networks Inc., whose equipment makes it easier for phone and cable companies to manage high-speed Internet services, rose 5 percent on optimism for strong sales of its new gear. Redback rose 5 1/8 to 107 1/2, after earlier touching a record 122 3/4. The company's stock has more than quadrupled since its initial public offering on May 18. Redback is among the first of several startups to sell equipment to help Internet service providers more easily manage data traffic sent over cable systems, wireless networks and regular phone lines. The company's customers include Concentric Network Corp., MCI WorldCom Inc.'s UUnet service and Ameritech Corp., the No. 5 U.S. local phone company. ''It's one of the first products out in a good niche'' of the market for Internet equipment, said Maribel Lopez, an analyst with market-research firm Forrester Research in Cambridge, Massachusetts. Cable and telecommunication providers are racing to expand their networks as demand for high-speed Internet access surges, Lopez said. Redback's products link wireless, cable and digital subscriber line, or DSL, access gear with the routers made by No. 1 networking company Cisco Systems Inc. and others. The company sold 2.5 million shares at $23 each in its IPO last month. Jun/21/ 99 18:21 For more stories from Bloomberg News, click here. (C) Copyright 1999 Bloomberg L.P.