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Technology Stocks : Nortel Networks (NT) -- Ignore unavailable to you. Want to Upgrade?

To: Paul Lee who wrote (3217)	8/19/1999 6:23:00 PM
From: Kenneth E. Phillipps	Read Replies (1) \| Respond to of 14638

FOCUS-Nortel gets $400-million Cable & Wireless deal TORONTO (Reuters) - Nortel Networks Corp. said Thursday it had been picked as exclusive systems integrator and prime contractor for a billion-dollar global network expansion by Cable & Wireless Plc. Nortel, a communications equipment maker based in Brampton, Ontario, said the deal with Britain's Cable & Wireless is worth $400 million. The contract spans two years, a Nortel official said. Telecommunications concern Cable & Wireless plans to begin expanding in Europe by providing high-speed communications services to more than 40 cities in 13 nations. Nortel, which makes equipment to push data, voice and video over the same line, will deliver and manage an Internet network. The global telecommunications industry has undergone rapid change since the arrival of the World Wide Web, with companies fighting to increase service to meet burgeoning demand. Canada's Nortel has undertaken a three-year reorganization, aiming to focus on its Internet services in hopes of carving out a major slice of the surging market. The news was unveiled before North American markets opened. By early afternoon Nortel shares had dipped C$1.05 to C$63.75 on the Toronto Stock Exchange. In New York they slipped $1-5/16 to $85-3/4. The stock was taken down by a general malaise that hit North America's high technology issues Thursday, an analyst noted. "Everything is getting killed," said Jim Parmelee, at Credit Suisse First Boston in New York. "I think it's more of an industry effect."