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

To: TechMkt who wrote (11910)	6/18/2001 10:13:31 AM
From: Rob C.	Respond to of 15615

DJ First Union Cuts Global Crossing To Mkt Perform From Buy 18 Jun 10:12 (END) DOW JONES NEWS 06-18-01 10:12 AM

To: TechMkt who wrote (11910)	6/18/2001 10:57:29 AM
From: Emile Vidrine	Read Replies (1) \| Respond to of 15615

Looks like Winnick finished selling his puts this morning, and then suddenly found this good new just lying around the company. I suspect that Winnick bought back his calls for next to nothing this morning, leaving the 10 million shares free and clear in his account to make money on an upward movement. I expect much good news to flow out of GX in the next few days Monday June 18, 10:32 am Eastern Time Global Crossing sees lower tax bill, gets financing PHILADELPHIA, June 18 (Reuters) - Telecommunications services company Global Crossing Inc. (NYSE:GX - news) on Monday said it expects its 2001 taxes to be lower-than-expected, and secured receivables financing of $250 million. Hamilton, Bermuda-based Global Crossing expects the taxes paid by its North American operations to be less than $500 million, compared with earlier forecasts of $900 million. The new tax projection reflects both a gain on sale of its local telephone business, and operating losses expected to be incurred in North America. Separately, Global Crossing said it secured $250 million in receivables financing, which will provide incremental liquidity at a cost significantly lower than that of existing bank facilities. Proceeds will be used to refinance existing bank debt.