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Technology Stocks : Corvis Corporation (CORV) -- Ignore unavailable to you. Want to Upgrade?

To: Walter Kraus who wrote (1289)	1/30/2002 1:06:56 PM
From: minorejoy2000	Read Replies (1) \| Respond to of 2772

30 Jan 2002, 12:53 PM EST Salomon Smith Barney Research note ~ January 30, 2002 Corvis Corporation (CORV) CORV: Acquires Dorsal Networks 2S (Outperform, Speculative) Mkt Cap: $687.0 mil. January 30, 2002 SUMMARY * Corvis announced its intention to acquire Dorsal TELECOMMUNICATIONS Networks, a privately held provider of transoceanic EQUIPMENT optical network solution primarily for greenfield Alex Henderson networks, for $90MM in stock. * The undersea market has been struggling recently highlighted with the recent bankruptcy filing at Global Daryl Armstrong Crossing and recent commentary from Level 3 citing a weak transatlantic market overall. * Management expects to announce contract wins for Gregory Cipolaro Dorsal products in the late 2002 or early 2003 time frame. While we believe the Dorsal acquisition may be perceived as a near term negative, Corvis is trading at roughly cash value and we see little downside risk at current prices.