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Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: akmike who wrote (9128)	11/17/2000 5:47:29 PM
From: Sir Francis Drake	Read Replies (2) \| Respond to of 15615

All kidding aside, I think we put in at least an IM bottom at 14 7/8 yesterday. However, this is not the same as saying we should strap in for an imminent rocket ride. There are too many investors who will sell GX for a tax loss over the coming weeks, so I don't expect any DRAMATIC and sustained gains until Jan 01. However, under any circumstances, this much is certainly true, IMHO: most of the capital-loss risk in owning GX has been eliminated - which only leaves "dead money" risk as a negative. Morgan

To: akmike who wrote (9128)	11/17/2000 6:07:11 PM
From: jopawa	Respond to of 15615

First Union Securities Covers GX Morning Notes: Visit the CNET Brokerage Center for daily reports from the top Wall Street analysts. GX: RECENT DECLINE REPRESENTS OPPORTUNITY; REITERATE STRONG BUY RATING GLOBAL CROSSING LTD. (GX–NYSE) KEY POINTS -- Global Crossing shares have declined recently, and we believe current levels represent a compelling value. -- The company reported Q3 2000 results earlier this week that exceeded our expectations, and reiterated its comfort with previous revenue and adjusted EBITDA growth rates of 30% and 35%, respectively. -- We believe Global Crossing has a competitive advantage with its scarce undersea network capacity. -- Data revenue is nearly 60% of total cash revenue, boosted from its acquisition of IXnet earlier in the year. -- We believe Global Crossing remains fully funded on its business plan, an important factor in the current telecom environment. -- Additionally, we point out that Global Crossing has continued to execute and meet expectations, and we expect investors to begin to recognize its performance relative to weaker players in the space. -- The company has also been the subject of rumors regarding accounting irregularities, which management has denied, and we believe are unfounded. -- Trading at just over 7.0x 2001 adjusted EBITDA, relative to the group average of over 10.0x we believe Global Crossing is very attractive. Our $46 price target is based on our DCF model. We reiterate our strong buy rating, and recommend purchase at current levels. Additional information is available upon request. This is for your information only and is not an offer to sell, or a solicitation of an offer to buy, the securities or instruments mentioned. Interested parties are advised to contact the entity they deal with, or the entity that has distributed this report to them. The information has been obtained or derived from sources believed by us to be reliable, but we do not represent that it is accurate or complete. Any opinions or estimates contained in this information constitute our judgement as of this date and are subject to change without notice. First Union Securities, Inc. (“FUSI”), or its affiliates may provide advice or may from time to time acquire, hold or sell a position in the securities mentioned herein. FUSI is a subsidiary of First Union Corporation and is a member of the NYSE, NASD and SIPC. Copyright © 2000 First Union Securities, Inc. FUSI is a separate and distinct entity from its affiliated banks and thrifts.SECURITIES: NOT FDIC-INSURED • NOT BANK-GUARANTEED • MAY LOSE VALUE Go to Market Update \| My Portfolio \| Broker Reports \| IPOS \| Splits \| Play the Game Shop with HP!