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Technology Stocks : SDL, Inc. [Nasdaq: SDLI] -- Ignore unavailable to you. Want to Upgrade?

To: pass pass who wrote (146)	3/17/1999 9:51:00 PM
From: Raymond Duray	Read Replies (1) \| Respond to of 3951

Dear p. p., Let me consult my crystal ball. Uhoh, I feel wretched about admitting it, but I just don't know. Follow the billings and the on-balance-volume and perhaps you can message me the fruits of your research labor. FWIW, I'm long UNPH. HTH, Ray

To: pass pass who wrote (146)	3/18/1999 3:04:00 AM
From: pat mudge	Respond to of 3951

Financial Times: Americas March 18 1999 GLOBAL CROSSING: Carrier goes retail By Richard Waters in New York The race to create global fibre-optic networks capable of handling the explosion of telecommunications traffic in the internet era produced an $11.2bn merger yesterday between Global Crossing, an upstart international carrier, and Frontier, a US local and long-distance company. Bermuda-based Global Crossing has already stolen a march on potential rivals by developing its own underseas cable network, giving it a way to attack the international traffic that remains one of the most profitable parts of the industry. Like other newcomers that have set out to create high-capacity telecoms networks, the company has decided that buying an established carrier can give a big boost to its traffic and bring down costs, said Sajai Krishnan, a principal at management consultants Booz Allen. That echoes the decision by Qwest, the best-known new national carrier in the US, to buy the established long-distance carrier LCI last year. Further deals could follow for Global Crossing. Bob Annunziata, chief executive, said the company would continue to search for ways to "gain market share and reduce costs". With the purchase of Frontier, which operates a fibre-optic network spanning 20,000 miles in the US, Global Crossing will also extend its reach into the nation's biggest cities - a move that echoes its construction of a new regional network in Europe. The deal also brings Global Crossing a number of alternative local exchange companies, which have sprung up in the wake of the deregulation of the $100bn US local telecoms market. The move catapults the company from being a pure wholesale carrier, which sells capacity on its network to other telecoms companies, into a full-service company with both retail and wholesale operations. It comes only three weeks after Global Crossing hired Mr Annunziata, a senior AT&T executive, as its chief executive. He had established his reputation as one of the most successful entrepreneurs in US telecoms by creating his own local exchange company, Teleport, which he sold to AT&T a year ago. The former AT&T executive made clear at the time that Global Crossing was itching to expand from its origins in the undersea business to become a full-service global carrier. Yesterday's all-stock deal values Frontier shares at $62, provided Global Crossing's shares remain in a "collar" of $34.56 and $56.78. Global Crossing's shares slipped $4¼ to $47¼ yesterday morning in New York. They had traded as low as $8 after the company made its debut on the stock market last summer, but the enthusiasm for new high-capacity telecoms networks that stand to benefit from the explosion of data traffic sent it as high as $62 at one stage. The deal will leave Frontier shareholders owning around a third of the company. The deal represents a significant premium for Frontier, whose shares closed at $44½ on Tuesday. The company had said earlier this year that it was exploring various alternatives, including a potential disposal. Frontier, once known as Rochester Telecom, has attempted to branch out from its origins as a local exchange company in the upstate New York city from which it took its name, to create local networks in other big cities. It was also one of the first companies to buy capacity on the Qwest network as a way of branching out into the long-distance business.