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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank -- Ignore unavailable to you. Want to Upgrade?

To: ColtonGang who wrote (112068)	8/18/2000 1:05:19 PM
From: ColtonGang	Read Replies (2) \| Respond to of 120523

STOCKWATCH: Bookham up as vague Nortel bid rumours resurface LONDON (AFX) - Bookham Technology PLC shares topped the FTSE 100 leaderboard at midday, as vague rumours resurfaced in the UK market that Nortel Networks Corp was considering a bid at 85 stg a share bid, dealers said. At 11.51 pm, Bookham's shares were up 265 to 3585. Nortel -- which is Bookham's largest customer, accounting for over half of is revenue -- was rumoured to want Bookham to capture sole access to its technology. Teather and Greenwood analyst Phil Smith, who recently completed a review of Bookham's optical market, said Nortel in particular has historically been active buying proprietory technology to use for its exclusive use. "Over the past year, 66 bln stg has been spent by Cisco, Corning, JDS Uniphase, Lucent, Nortel and Redback in acquiring optical technology companies," he said. "Those companies that were acquired between them turned over 1 bln stg, and in some cases had zero sales. Nortel in particular has spent over 4 bln stg in paper deals on Qtera and Xros, both optical switching companies with zero revenue." Williams De Broe analyst Sanjay Jha added that, although he had not heard the specific Nortel rumour, "it wouldn't be a surprise" if Nortel made an approach. bge/jmp