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

To: HW Bowman who wrote (11952)	6/18/2001 4:16:47 PM
From: Bill Fischofer	Read Replies (3) \| Respond to of 15615

Re: Now what Those holding GX on margin are in trouble. Those holding fully paid for shares can either gradually average down or else just ignore things until this particular storm blows over. The only thing that's changed from a fundamental perspective is that the picture is brighter than ever. Equipment costs are way down, competitors are scaling back and a number will probably exit altogether. Just today we learned that GX will pay $400 million less in taxes than it had previously budgeted. There have been no revenue guidedowns from the company and the CZN deal will close on schedule this month. Market technicians are always looking for "capitulation" and "high-volume washouts". It certainly seems to me that that's exactly what we're now seeing in telecom. I don't expect an immediate bounce back, but hateful sentiment this extreme is rare. We know not every company will be a winner, but the market seems to be suggesting that there will be no survivors at all and that's just nonsense.