To: Terry D who wrote (8970 ) 5/18/2000 3:40:00 PM From: Perry P. Respond to of 9236
More general news:Telecom stocks in broad-based retreat Opposition to WorldCom-Sprint deal pressures sector By Jeffry Bartash, CBS.MarketWatch.com Last Update: 12:17 PM ET May 18, 2000 NewsWatch Latest headlines NEW YORK (CBS.MW) - Shares of telecommunications equities were mostly lower on Thursday, pressured in part by reports that U.S. regulators are prepared to block the $115 billion merger of Worldcom and Sprint. Losses were concentrated among the local phone carriers, the major long-distance carriers and the older equipment makers. Heading the retreat were WorldCom (WCOM: news, msgs), down 1 3/8 to 40 5/8; Sprint (FON: news, msgs), off 1 3/4 to 56 1/4; AT&T (T: news, msgs), which lost 1 1/16 to 37 1/16; Cisco Systems (CSCO: news, msgs), which fell 1 7/8 to 56 1/8; and Alcatel (ALA: news, msgs), 1 15/16 lower to 50 1/4. WorldCom and Sprint were stung by reports that the U.S. Justice Department is moving to block their merger. See related story. That added to the selling of telecom stocks amid a dearth of other industry news. Several sectors stood out, including satellite carriers, independent suppliers of high-speed Internet service over copper phone lines and newer equipment developers that supply gear used to support the Internet. Standouts included Nextel Communications (NXTL: news, msgs), Aware (AWRE: news, msgs) and Covad Communications (COVD: news, msgs), which surged for the second day in a row on talk that growth is set to explode. Covad jumped 2 1/4 to 26 1/4 in recent trading. See related story. Also rising was CFW Communications (CFWC: news, msgs). Shares soared nearly 17 percent after the telecom carrier agreed to acquire R&B Communications and PrimeCo?s digital wireless operations in Virginia. Perry P.