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To: Sully- who wrote (8652)	10/18/2000 6:35:46 PM
From: DepyDog	Respond to of 65232

Global Crossing CEO Hindery Resigns Just 7 Months After Taking Post 10/11/2000 Dow Jones Business News Global Crossing Ltd. confirmed that Leo Hindery Jr. has resigned as chief executive officer just seven months after taking the top post at the fast-growing long-distance carrier and undersea-cable operator. The announcement confirms a Wednesday report in The Wall Street Journal. Vice Chairman Thomas J. Casey was tapped to lead the company in Mr. Hindery's wake. Mr. Casey, 48 years old, is a longtime deal maker and telecom-industry veteran. Global Crossing said Gary Winnick, the company's founder, will remain chairman. The move comes in the wake of Global Crossing's (GBLX) recent decision to sell its GlobalCenter Inc. Web-hosting business, which Mr. Hindery was originally hired to run before being named CEO, to Exodus Communications Inc. for about $6.5 billion in stock. Mr. Hindery, a veteran cable executive, is expected to make a pretty penny -- as much as $247.5 million in stock -- from the GlobalCenter sale to Exodus, which is expected to close early next year and was the crowning achievement of his short tenure at Global Crossing. Mr. Hindery, the third CEO in Global Crossing's short history, joined the Bermuda-based company in December 1999 as chairman and CEO of the GlobalCenter Web-hosting unit. He was promoted to the top job in March following the surprise resignation of Robert Annunziata after just a year in the CEO post. Mr. Hindery, 53, is resigning by "mutual agreement," according to a person close to the company. Global Crossing's board has increasingly felt that the company needed an executive who would be fully engaged with all aspects of the business. Mr. Hindery has been very focused on GlobalCenter, since that is what he was originally hired to do. At the same time, Mr. Hindery has an active business life outside Global Crossing, serving as a board member or investor with several different companies. One reason for Mr. Hindery's departure could be that much of his compensation was tied to the performance of GlobalCenter, and his main task has been accomplished with the Exodus deal. When he joined Global Crossing, GlobalCenter was valued at about $1 billion. If GlobalCenter were to be valued at $2 billion or higher, Mr. Hindery's compensation package would give him the right to get 5.5% of the value in excess of $2 billion. Mr. Hindery will remain as chairman and CEO of GlobalCenter until the sale to Exodus is completed. Mr. Hindery also had significant stock options in the parent company, but those options are under water, people familiar with the matter said. Speaking during a conference call Wednesday, Mr. Hindery said that he "feels comfortable with" and "fully embraces" the management change. "It's not something I take exception to," he said. "It's a difficult time in the (telecom) sector," said Mr. Hindery. "It would be irresponsible for me to suggest that it's not.... Global Crossing knows what it wants to be when it grows up.... Nobody else is more qualified and capable at this juncture" to run the company than Mr. Casey. Mr. Casey took the opportunity to reassure investors that the company expects to meet or exceed third-quarter and full-year projections and is fully funded through next year. "We're in good shape," he said. Global Crossing, which is building a global fiber-optic network for telecom and data traffic, can further build shareholder value by capitalizing on its assets and services, said Mr. Casey. He said the company doesn't expect to make large corporate acquisitions, adding that his background as an attorney and investment banker isn't a sign that Global Crossing is for sale. "We're sharpening our focus and have been for some time to focus on our customers that our network is particularly supportive of," such as large corporations and governments, he said. Mr. Casey said he doesn't foresee any management changes either in the short or the long term and said that he intends to remain in the top post for the long term. "My intention is to stay here for the remainder of my career," he said. "I have no intention of moving." At 4 p.m. EDT Wednesday on the Nasdaq Stock Market, Global Crossing shares were off $2.44, or 10%, at $21.44 after earlier falling to a 52-week low of $20.13. The previous low of $23.38 was set May 23. Copyright © 2000 Dow Jones & Co., Inc. All Rights Reserved. The Wall Street Journal and Barron's material in this newsletter is provided by Dow Jones & Company, Inc. ("Dow Jones") for information only and Dow Jones does not guarantee its accuracy, completeness, timeliness nor reliability. The material is for general information purposes only, and is not a recommendation or solicitation to buy or sell a particular security. No investment decision should be based solely on this data. Dow Jones expressly disclaims all liability for any action taken in reliance on the information contained in these materials. No part of these materials may be reproduced or distributed to others by any means without the prior written consent of Dow Jones. Dow Jones Terms & Conditions.

To: Sully- who wrote (8652)	10/18/2000 6:46:05 PM
From: Sully-	Respond to of 65232

MKT VOLTLTY NDX - VIX Close 32.50 Day's Range 31.42 - 36.74 finance.yahoo.com^VIX&d=1d ============================================================================ NAZ Futures + 56 1/2 points cme.com ============================================================================ Economic Calendar for Thurs (Note how the CPI hit the Futures hard this AM FWIW) Initial Claims Importance (A-F): This release merits a C+. Source: The Employment and Training Administration of the Department of Labor. Release Time: 8:30 ET each Thursday (data for week ended prior Saturday). Raw Data Available At: dol.gov. Initial jobless claims measure the number of filings for state jobless benefits. This report provides a timely, but often misleading, indicator of the direction of the economy, with increases (decreases) in claims potential signalling slowing (accelerating) job growth. On a week-to-week basis, claims are quite volatile, and many analysts therefore track a four week moving average to get a better sense of the underlying trend. It typically takes a sustained move of at least 30K in claims to signal a meaningful change in job growth. There are two other statistics in this report -- the number of people receiving state benefits and the insured unemployment rate; neither is watched closely by the market. Some analysts track the number of people receiving state benefits from month to month as a guide for job growth, though this series has a poor track record in predicting the monthly employment report. The insured unemployment rate changes little on a weekly basis and is never a factor for the market. Market Expects 303K Briefing Forecast 310K ============================================================================ International Trade Importance (A-F): This release merits a C+. Source: The Census Bureau and the Bureau of Economic Analysis of the Department of Commerce. Release Time: 8:30 ET around the 20th of the month (data for two months prior). Raw Data Available At: census.gov. The trade report is most widely watched for trends in the overall trade balance. But trends in both exports and imports of goods and services bear watching as well. The export data in particular are important to watch for indications that a strengthening competitive position at home and/or strengthening economies overseas are boosting U.S. growth. Imports provide an indication of domestic demand, but given the severe lag of this report relative to other consumption indicators, it is not particularly valuable for this purpose. The volatility in the monthly trade balance can play an important role in GDP forecasts. Net exports are a relatively volatile component of GDP, and the trade report provides the only early clues to the net export performance each quarter. Market Expects -$31.8B Briefing Forecast -$32.0B biz.yahoo.com -------------------------------------------------------------------------------- Ö¿Ö