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

To: hlpinout who wrote (12973)	8/1/2001 7:16:46 PM
From: 2brasil	Respond to of 15615

so estimates were beaten -- Global Crossing's (NYSE:GX - news) second-quarter net loss increased to $629.6 million, or 78 cents a share, compared with a loss of $365.4 million, or 62 cents a share a year ago. Analysts had expected the company to post a loss in the range of 71 cents to 84 cents a share, with a mean forecast of a loss of 84 cents a share, according to research firm Thomson Financial/First Call.

To: hlpinout who wrote (12973)	8/2/2001 11:00:17 AM
From: hlpinout	Respond to of 15615

Broker reports from CNET. -- investor.cnet.com 8/2/01 Merrill Lynch GLOBAL CROSSING LTD Downgraded to Neutral at Merrill Lynch News.com 8/2/01 CSFB Global Crossing downgraded from Buy to Hold at CSFB Briefing.com 8/2/01 US Bancorp Piper Jaffray GLOBAL CROSSING LTD Reiterated Buy at US Bancorp Piper Jaffray News.com 8/2/01 CS First Boston GLOBAL CROSSING LTD Downgraded to Hold from Buy at CS First Boston News.com 8/2/01 Prudential Securities GLOBAL CROSSING LTD Reiterated Buy at Prudential Securities News.com 8/2/01 First Union Securities GLOBAL CROSSING LTD Reiterated Market Perform at First Union Securities News.com 8/2/01 Lehman Brothers GLOBAL CROSSING LTD Reiterated Buy at Lehman Brothers News.com --http://investor.cnet.com/investor/brokeragecenter/newsitem-broker/0-9910-1082-6756128-0.html?tag=ltncGlobal Crossing Ltd. Lowering Intermediate Term Rating ... Still Positive Long Term Reason for Report: Change of Opinion (GX; $7.00; D-1-1-9 to D-3-1-9) Price: $6.75 We are lowering our intermediate term rating to NEUTRAL. Key reasons for the downgrade include: First, as we noted in our initial reaction note, although revenues were close to our numbers on a cash basis, the mix trend is disappointing. 2Q results and revised full year mgt estimates show a mix shift back towards the perceived lower quality capacity sales - reflecting the slower than hoped for ramp in the commercial segment. (Here, we assume that, despite a series of impressive contract wins, the reality of IT budget constraints means converting those contracts into hard revenues is a more of a challenge that we had expected.) While we see capacity sales as staying stronger than many analysts have predicted, the fact that capacity/IRU sales make up a larger proportion of the total will nonetheless raise concerns over future growth rates and also cash flows (since the company does become more vulnerable to any shift towards shorter term leases.)