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Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: M. Frank Greiffenstein who wrote (4405)	2/18/2000 7:11:00 PM
From: MileHigh	Read Replies (1) \| Respond to of 15615

You are being selective and it is not worth my time to go into detail about this but the below piece summarizes it fine for me. *There ain't no inflation! Know what I mean Vern!* Higher Oil prices is like sticking the consumer with an additional tax, more rate hikes are coming as well. AG is putting the equity markets on treacherous ground if he continues to be so Hawkish. MileHigh ------------------------------------------------------------ Market Wrapup Feb 18, 2000 Closing Bell (2/18/00) Stocks fell sharply throughout the day as investors came to the realization that Alan Greenspan means business. On Thursday, the Federal Reserve Chairman gave his clearest signal yet that the Federal Funds Rate will continue to rise over the next few quarters. Chairman Greenspan?s vigilance does not appear to jibe with current inflation figures. Government figures released by the Labor Department this morning showed that U.S. consumer prices rose 0.2% last month, mimicking results from each of the prior three months. On a year-over-year basis, inflation stands at a reasonable 2.7%. With interest rates hovering nearly 400 basis points higher, there would seem to be no cause for alarm. Real rates are usually 200-300 basis points higher, leading many to conclude that interest rates should actually be lowered. <SNIP> Global Crossing (NASDAQ:GBLX - news) dropped $7.81 to $53.25 on news that its fourth-quarter loss more than tripled due to the cost of building a worldwide network. Global Crossing lost $0.24 per share for the quarter, versus a $0.07 per share loss in the year ago quarter. The results reflect a number of large acquisitions Global Crossing has made in the past year, including U.S. long-distance carrier Frontier Corp. and U.K.-based Racal Telecom. The company also cited higher payments to other phone companies to complete its international calls as cause for the wider loss. Revenue for the quarter rose to $1.11 billion from $1.05 billion. <SNIP> -------------------------------------------------------------------------------- For more in-house professional stock analysis and commentary, visit us at Individual Investor Online.