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To: axial who wrote (8533)	9/18/2000 2:51:40 PM
From: transmission	Read Replies (3) \| Respond to of 12823

Monday September 18, 2:49 pm Eastern Time RESEARCH ALERT-U.S. telecom group set for upswing NEW YORK, Sept 18 (Reuters) - Merrill Lynch said on Monday that U.S. telecommunications service provider stocks may be set for a positive swing following several months of underperforming the market. -- said the U.S. telecom services sector has underperformed the broader market due to several events that left investors ``confused and worried.'' -- said the negative events included the collapse of the merger of WorldCom Inc. (NasdaqNM:WCOM - news) and Sprint Corp. (NYSE:FON - news), which indicated that the merger and acquisitions market had grown ``more hostile/confusing;'' the increased competition in the voice long-distance business, which triggered revenue growth reductions at AT&T Corp. (NYSE:T - news) and WorldCom; growth in capital spending that surpassed revenue growth; and several earnings disappointments in the group by both large-cap and new entrants. -- said it believes ``investor sentiment is due for a positive swing given a momentum 'over-correction.' And fundamentally, we believe that this remains a growth industry, indeed one with an accelerating, not decelerating, top line.'' -- said expects to see industry consolidation among smaller companies. -- said current telecom stock valuations ``are compelling in our view.'' -- said based on 2001 earnings expectations, the large-cap telecom services group is trading at a price/earnings ratio of 15.9 percent, which marks a 28.7 percent discount to the Standard & Poors 500. Monday September 18, 2:49 pm Eastern Time RESEARCH ALERT-U.S. telecom group set for upswing NEW YORK, Sept 18 (Reuters) - Merrill Lynch said on Monday that U.S. telecommunications service provider stocks may be set for a positive swing following several months of underperforming the market. -- said the U.S. telecom services sector has underperformed the broader market due to several events that left investors ``confused and worried.'' -- said the negative events included the collapse of the merger of WorldCom Inc. (NasdaqNM:WCOM - news) and Sprint Corp. (NYSE:FON - news), which indicated that the merger and acquisitions market had grown ``more hostile/confusing;'' the increased competition in the voice long-distance business, which triggered revenue growth reductions at AT&T Corp. (NYSE:T - news) and WorldCom; growth in capital spending that surpassed revenue growth; and several earnings disappointments in the group by both large-cap and new entrants. -- said it believes ``investor sentiment is due for a positive swing given a momentum 'over-correction.' And fundamentally, we believe that this remains a growth industry, indeed one with an accelerating, not decelerating, top line.'' -- said expects to see industry consolidation among smaller companies. -- said current telecom stock valuations ``are compelling in our view.'' -- said based on 2001 earnings expectations, the large-cap telecom services group is trading at a price/earnings ratio of 15.9 percent, which marks a 28.7 percent discount to the Standard & Poors 500. Monday September 18, 2:49 pm Eastern Time RESEARCH ALERT-U.S. telecom group set for upswing NEW YORK, Sept 18 (Reuters) - Merrill Lynch said on Monday that U.S. telecommunications service provider stocks may be set for a positive swing following several months of underperforming the market. -- said the U.S. telecom services sector has underperformed the broader market due to several events that left investors ``confused and worried.'' -- said the negative events included the collapse of the merger of WorldCom Inc. (NasdaqNM:WCOM - news) and Sprint Corp. (NYSE:FON - news), which indicated that the merger and acquisitions market had grown ``more hostile/confusing;'' the increased competition in the voice long-distance business, which triggered revenue growth reductions at AT&T Corp. (NYSE:T - news) and WorldCom; growth in capital spending that surpassed revenue growth; and several earnings disappointments in the group by both large-cap and new entrants. -- said it believes ``investor sentiment is due for a positive swing given a momentum 'over-correction.' And fundamentally, we believe that this remains a growth industry, indeed one with an accelerating, not decelerating, top line.'' -- said expects to see industry consolidation among smaller companies. -- said current telecom stock valuations ``are compelling in our view.'' -- said based on 2001 earnings expectations, the large-cap telecom services group is trading at a price/earnings ratio of 15.9 percent, which marks a 28.7 percent discount to the Standard & Poors 500.