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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (49164)	2/20/2001 9:06:15 PM
From: Kenneth E. Phillipps	Read Replies (1) \| Respond to of 77400

02/20 20:25 Cisco Wins Order From El Paso Corp. for Up to $1 Bln (Update2) By Scott Lanman San Jose, California, Feb. 20 (Bloomberg) -- Cisco Systems Inc., the No. 1 maker of equipment to link computers, won an order to sell as much as $1 billion of gear to El Paso Corp., which is building a fiber-optic network, the companies said. Cisco is selling a complete set of data-networking and optical gear to El Paso, Cisco spokeswoman Jeanette Gibson said. Houston-based El Paso, which owns the biggest U.S. system of interstate natural-gas pipelines, will spend about $500 million to $1 billion over four years on Cisco equipment, El Paso spokeswoman Norma Dunn said. The order, potentially one of the biggest that Cisco has announced publicly in recent years, comes two weeks after the company missed quarterly financial targets and cut its sales forecast. Other U.S. energy companies, such as Williams Cos., have been building telecommunications networks because they can lay the fiber-optic cable alongside their pipelines. The shares of San Jose, California-based Cisco fell $2.19 to $26.06 on the Nasdaq Stock Market. El Paso climbed $1.47 to $72.46 in New York Stock Exchange trading. The order was reported earlier by Cnet Networks Inc.'s News.com. The companies plan to issue a press release on the order Wednesday, Gibson said. El Paso had disclosed the agreement at an analyst meeting earlier this month. On Feb. 5, El Paso said its El Paso Global Networks unit expects to spend about $2 billion over the next four years to develop its telecommunications business. Other energy companies that have been building telecommunications networks include Duke Energy Corp., Dynegy Inc. and Enron Corp. ©2001 Bloomberg L.P. All rights reserved. Terms of Service, Privacy Policy and Trademarks.