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Technology Stocks : LAST MILE TECHNOLOGIES - Let's Discuss Them Here -- Ignore unavailable to you. Want to Upgrade?

To: zbyslaw owczarczyk who wrote (9081)	11/7/2000 1:40:34 AM
From: elmatador	Respond to of 12823

DSL Carnage continues:Turnstone drops on warning. From the Financial Times Turnstone Systems on Monday became the latest in a growing number of companies in the digital subscriber line (DSL) business to warn of disappointing results and see the bottom drop out of its share-price. Shares in Turnstone dropped 60 per cent to $11.81 after the company warned of a slow-down in sales for the fourth quarter as local carriers spend less building phone networks. Digital subscriber lines allow high-speed internet access on regular copper phone lines. Citing “major changes in customer demand”, the company, which makes hardware and software that allows local exchange carriers to deploy and maintain DSL services, said it had cut its estimate for fourth-quarter revenue to $38m from $56m. Turnstone said carriers are finding it harder to access capital markets in order to finance the purchase of equipment. Revenues in the third quarter were $56.2m, a five-fold increase over the same period a year earlier, while earnings were $12.8m, or 19 cents per diluted share. Shares in Covad communications plummeted on October 18 after the DSL equipment maker disappointed Wall Street with wider-than-expected third quarter losses. On the same day shares in Copper Mountain, another DSL provider, dived when it warned that fourth-quarter sales and profits would decline.