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

To: changedmyname who wrote (13464)	8/17/2001 2:16:12 PM
From: Rob C.	Respond to of 15615

DJ Global Crossing/Defense Dept-2: Shares Down 5.9% Earlier 17 Aug 14:08 NEW YORK (Dow Jones)--Global Crossing Ltd. (GX) said the Defense Department contract it received in July may have to enter a rebid process to address procedural issues that were identified by the federal agency after the contract was challenged by unsuccessful bidders. The Defense Department hasn't taken any official action on the challenged contract, the company said. Global Crossing said in a press release Friday that it is confident that the company will retain the contract at the conclusion of any new Defense Department procedures. The company, which doesn't expect the loss of the agreement to have a material affect on its financial results, added that the procedural issues have nothing to do with its bid. For the year 2000, the company lost $2.41 a share on revenue of $3.79 billion. In July, Global Crossing received a three-year $137 million contract to provide wide area network services for the Defense Research and Engineering Network. New York Stock Exchange-listed shares of Global Crossing plunged Friday after Credit Suisse First Boston Corp. analyst Dan Reingold reported the company lost a contract with the U.S. Department of Defense. Global Crossing's shares recently traded at $4.95, down 31 cents, or 5.9%, on composite volume of 18.6 million shares. Average daily volume is 10.1 million. Company Web site: globalcrossing.com -Eamon Beltran; Dow Jones Newswires; 201-938-5400 (END) DOW JONES NEWS 08-17-01 02:08 PM