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Technology Stocks : Newbridge Networks -- Ignore unavailable to you. Want to Upgrade?

To: Peppe who wrote (8645)	12/22/1998 1:07:00 AM
From: pat mudge	Respond to of 18016

December 21, 1998 Dow Jones Newswires Networking Stocks Climb On DLJ Cisco Price Target Increase NEW YORK -- Data-networking stocks advanced in Monday's trading after Donaldson Lufkin & Jenrette analyst Stephen G. Koffler raised his 12-month share-price target on Cisco Systems Inc. (CSCO) to 120 from 80. In a research note, Koffler said the target increase assumes a multiple of 60 times the investment firm's calendar year 2000 earnings estimate of $2.00 a share. The analyst said Cisco deserves that price-to-earnings ratio because of its position as a leader in voice and data networks and its role in producing a fundamental building block of the Internet - the router. "As an Internet stock, Cisco is cheap," Koffler said in the note. "Without Cisco, there is no Internet, yet ... Cisco is valued far below the leading Internet companies." Koffler said Cisco also offers earnings reliability - something most Internet companies have yet to deliver. David Powers, an analyst at Edward Jones, said the DLJ news is at least partly behind the networking sector's upswing on Monday. However, anticipation of better-than-expected earnings from 3Com Inc. (COMS) for its second quarter also is driving optimism in the sector, he added. "The general sense in the market is that they're going to slightly exceed the estimate," he explained. A First Call Corp. consensus survey currently puts 3Com's earnings at 31 cents a share for the company's fiscal 1999 second quarter ended November. Cisco shares recently added 4 5/8, or 5.1%, to 95 1/16, while 3Com stock has climbed 2 1/4, or 5.0%, to 47. Elsewhere in the networking group, Ascend Communications Inc. (ASND) has risen 3 11/16, or 6.1%, to 63 3/4, Lucent Technologies Inc. (LU) is up 3 15/16, or 4.0%, to 102 5/16 and Newbridge Networks Corp. (NN) has gained 1 3/4, or 7.2% to 28 13/16.

To: Peppe who wrote (8645)	12/22/1998 1:09:00 AM
From: pat mudge	Read Replies (1) \| Respond to of 18016

>>> December 21, 1998 Canadian Stocks Oil Slumps as Stocks Rise TORONTO -- Stocks rose Monday with the end of tax-loss selling season, as U.S. stocks also ended higher despite the impeachment of President Clinton. The Toronto Stock Exchange 300 composite index rose 27.68 to 6381.00. Volume reached 126.7 million shares worth 1.9 billion Canadian dollars, compared with Friday's total of 149 million shares worth C$2.1 billion. Declining issues outpaced advances, 551 to 488, and nine of the 14 stock groups rose. In New York, the January gold price fell 10 U.S. cents to US$289.40 an ounce. Barrick Gold lost 70 Canadian cents to C$29.40 and Placer Dome fell 50 cents to C$17.85. Oil stocks were hit hard. The January crude oil price fell to a 12-year low of US$10.35 early in the day after the U.S. ended its military attacks against Iraq on the weekend. Crude prices bounced back a little in the afternoon, but that wasn't enough to pull the oil and gas subindex out of a tailspin. The subindex ended down 2%. Among the biggest decliners were Gulf Canada Resources, off 32 cents to C$3.58, and Ranger Oil, off 50 cents to C$6.45. Some see this as a buying opportunity. "I'm buying oil stocks," said Brendan Caldwell, of Caldwell Securities Investment Management in Toronto, citing Petro-Canada and Pengrowth Energy Trust as two of his interests. Among individual blue chips, networking firm Northern Telecom added 30 cents to C$73.80, and competitor Newbridge Networks gained C$2.55 to C$44.60. Networking stocks in the U.S. rose as Donaldson Lufkin & Jenrette raised its 12-month share-price target on Cisco Systems to US$120 from US$80. BCE, Canada's largest telecommunications firm and Nortel's largest shareholder, gained C$1.20 to C$55.15. Conglomerate Canadian Pacific fell 40 cents to C$30.25, transportation company Laidlaw climbed 15 cents to C$15.45 and beverage and entertainment firm Seagram slipped C$1.10 to C$56. In banking issues, Royal Bank of Canada rose C$1.65 to C$74.75; Canadian Imperial Bank of Commerce climbed C$1 to C$38, and Bank of Nova Scotia edged up 5 cents to C$34.80. Overall, the financial services subindex rose 1.5%. Return to top of page \| Format for printing >>>>