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To: Mike E. who wrote (1335)	9/1/2000 8:30:32 AM
From: Neil H	Read Replies (1) \| Respond to of 8686

I put forth GBLX as a good play today and a long. Telecoms are getting some of their spunk back, and this today. Also down quite abit from highs Thursday August 31, 11:49 pm Eastern Time Global Crossing raises full-year targets NEW YORK, Aug 31 (Reuters) - Undersea fibre-optic network builder Global Crossing Ltd (NasdaqNM:GBLX - news) boosted both its full-year cash revenue and adjusted EBITDA estimates late on Thursday because of strong results in the first half of the year. Bermuda-based Global Crossing said continuing operations, including telecommunications services and installation and maintenance services, should generate cash revenue of $5.2 billion for the year ended December 31. That was up from a previous estimate of $4.84 billion, Global Crossing said. Cash revenue refers to revenue plus incremental cash deferred revenue. Adjusting for the effect of acquisitions, Global Crossing expected cash revenue of $5.37 billion, a 38 percent increase over 1999 results. Recurring adjusted EBITDA, or earnings before interest, taxes, depreciation and amortisation, from continuing operations should total $1.34 billion this year, the company said. The prior estimate was $1.21 billion. Third-quarter EBITDA would not show significant growth over the second quarter because of seasonality in capacity sales during what was historically a weak quarter, the company noted. Global Crossing did not alter its estimate of cash revenue or recurring adjusted EBITDA for its incumbent local exchange carrier (ILEC) business, now treated as a discontinued operation pending its sale to Citizens Communications. That business should generate cash revenue of $760 million and recurring adjusted EBITDA of $390 million, the company said. Shares of Global Crossing ended at 30-1/16 on Thursday, off a year high of 61-13/16 but up from a low of 20-1/4.