Global Crossing Leaps on Project Completion
Global Crossing (GX) was up 11.9% after it announced Thursday it has completed construction of what it called its core network of high-speed fiber-optic cable, linking 27 countries at a cost of about $7.5 billion.
In a release, the company said the completion is on schedule and on budget, and 50% of the costs have already been recovered through existing sales contracts.
360Networks
(TSIX)
, which has had to scale back construction on its own global fiber-optic network, was down 9.5%, briefly hitting a 52-week low of 12 cents earlier in the session.
The stock has fallen steadily from a closing price of $15.56 on Jan. 23.
Qwest
(Q)
was up 4.2% as it issued its own release touting completion of local fiber-optic networks in 25 markets in the U.S.