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

To: tech101 who wrote (1568)	8/27/2002 7:54:39 PM
From: SemiBull	Read Replies (2) \| Respond to of 2772

Salomon cuts Corvis to 'neutral' NEW YORK, Aug 27 (Reuters) - Salomon Smith Barney on Tuesday said analyst Alex Henderson cut his rating on optical equipment maker Corvis Corp. (NasdaqNM:CORV - News) to "neutral" from "outperform," citing an extended downturn in the wireline telephone sector. "The change in rating does not relate to one specific negative catalyst but to a number of negative factors," Henderson wrote. He said it is unlikely that a meaningful rebound in telecom wireline spending will occur in the near term, and he expects optical systems demand to lag any recovery in telecom spending because of an abundance of capacity. In addition, he said, the meltdown in the telecom sector has hampered Corvis' ability to diversify its customer base. "Unfortunately, we think the relative size of the company and recent financial performance make it difficult to bring in large contracts, even though we believe the company has some interesting technology," he wrote. Shares of Corvis were up a penny to 70 cents in early trading on Nasdaq