Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Clint E. who wrote (22018)	7/12/1999 11:35:00 PM
From: Clint E.	Read Replies (1) \| Respond to of 69925

Monday July 12, Global Crossing Sees Revenue Above Estimates By Jessica Hall NEW YORK (Reuters) - Global Crossing Ltd (Nasdaq:GBLX - news)., the telecommunications upstart competing to buy Frontier Corp. (NYSE:FRO - news) and U S West Inc., Monday said its second-quarter revenues would exceed Wall Street expectations but one-time expenses would dampen its operating results. Separately, the company also began meetings on the West Coast with investors after filing merger documents with the Securities and Exchange Commission for its planned acquisition of Frontier, sources familiar with the situation said. The company had been in a ''quiet period'' that prevented it from publicly speaking about the deal until the documents were filed. The company will now hold a road show with investors on the Frontier deal, while it also prepares its proxy statement for the proposed U S West deal, sources said. Global Crossing, which is building undersea and land-based fiber optic communications networks, said its second-quarter revenues would be about $190 million, exceeding analysts' estimates and the company's internal targets. It cited robust sales on its Atlantic Crossing 1 (AC-1) undersea cable. One-time expenses related to merger activity and financing will hold down operating results, it said, without providing details. Analysts expect Global Crossing to earn 1 cent a share in the quarter, compared with nil in the year-earlier period, according to First Call Corp., which tracks analysts' estimates. ''Our sales and customer base have continued to expand during the quarter, along with the explosive demand for transnational, global telecommunications,'' Chief Executive Bob Annunziata said in a prepared statement. ''In addition to the strong performance in the Atlantic, we are particularly gratified by the advance sales we have closed on systems other than AC-1 as we speed them to completion,'' he said. Its other undersea cables -- Pacific Crossing, Pan European Crossing, and Mid-Atlantic Crossing -- are developing significant sales backlogs that will become revenue after those systems enter service later this year, the company said. Shares of Global Crossing jumped about 6 percent, or $2.44, to close at $42.88 on the Nasdaq stock market. Global Crossing recently completed the acquisition of the Global Marine subsidiary of Cable & Wireless Plc . It also completed the financing of the Global Marine acquisition and refinanced its project debt through a new $3 billion corporate credit facility. Bermuda-based Global Crossing is competing with Qwest Communications International Inc. to acquire local and long distance phone company Frontier and local phone company U S West Frontier and U S West, which have agreements to merge with Global Crossing, recently opened merger negotiations with Qwest. If the two companies decided to accept Qwest's offers, Global Crossing would have five days to respond and potentially launch a counter offer for U S West and three days to do the same for Frontier. Qwest's two offers for both companies are valued at $48 billion, compared with Global Crossing's offers, which are valued at about $40.8 billion. Many analysts expect the two suitors ultimately to split the spoils, with Qwest winning U S West and Global Crossing winning Frontier. If U S West chooses Qwest, Global Crossing is not expected to raise its bid to fight for U S West's hand. Instead, Global Crossing will likely take the $850 million in break-up fees and other payments from U S West and walk away. Global Crossing may fight harder for Frontier since it needs Frontier's domestic communications network to gain a foothold in the United States, analysts said. Global Crossing would not consider potentially raising its bid for Frontier until it sees how Frontier responds to Qwest's sweetened takeover offer, sources said. ======================== Tcom&Cable_SrvcPrvdr [EDIT This List] Symbol Last Change Close Open Day Hi Day Lo Vol Trades Shrs Time 52wk Hi 52wk Lo ------- --------- --------- --------- --------- --------- --------- ------ ------ ----- ----- --------- --------- NXLK 97.719 4.719u 93.000 92.438 98.438 90.000 5922 1283 57 4:00 94.438 10.563 ADLAC 66.656 2.969u 63.688 63.625 66.750 62.938 6145 504 50 4:00 87.000 29.125 GBLX 42.875 2.438u 40.438 41.750 43.625 40.875 17905 2601 100 4:00 64.250 8.000 CMTN 87.250 1.125d 86.125 89.000 89.500 84.375 1817 316 2 4:00 96.250 50.500 MFNX 40.250 0.313u 39.938 39.938 41.250 39.563 19548 2745 1 3:59 47.563 4.219 COVD 56.500 0.188d 56.313 57.250 59.938 56.000 7594 1707 2 4:00 81.000 20.656 QWST 35.938 0.188d 35.750 36.313 36.375 35.750 56901 6278 400 4:01 52.375 11.000 RCNC 46.094 0.094d 46.000 46.125 46.125 44.875 2998 459 1 3:58 54.500 8.750 GTSG 75.813 -0.375d 76.188 76.625 76.625 72.500 10583 804 3 4:00 91.688 21.125 LVLT 67.000 -0.500d 67.500 67.875 69.313 66.875 10453 1661 23 4:00 100.125 22.375