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Technology Stocks : Nortel Networks (NT) -- Ignore unavailable to you. Want to Upgrade?

To: Paul Fine who wrote (643)	8/28/1998 9:24:00 AM
From: Kenneth E. Phillipps	Read Replies (1) \| Respond to of 14638

Summary of article from this morning's Seattle PI - Yesterday, the Bank of Canada, in an effort to stop the decline of the Canadian "looney", raised its key lending rate by a full percentage point to 6 percent. This action, coupled with the financial meltdown in Russia, and fear of a spread to emerging markets, led to a 6 percent decline in the 300 stock index of the Toronto Stock Exchange. This was a larger decline than suffered by the Dow, S&P or Naz. The action of the Bank of Canada was criticized by analysts and the Bank all but admitted its strategy had failed. IMO, the events in Canada may explain why Nortel, being a Canadian stock, suffered a proporationately larger decline than most other tech stocks yesterday.