Updated from 6:43 p.m. ET

Pan Asian joint ventures could become as popular as Pan Asian cuisine.

This morning telecommunications carrier

Global Crossing

said it plans to sell 9.2 million Class-A common shares directly to three strategic investors as part of a private-placement IPO.

The company was formed in November as a joint venture between

Global Crossing






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. This latest IPO comes in addition to a previously announced offering of 53 million Class A shares.

Global Crossing shares settled 7% higher on the news and rose another $1.93 to $31.81 on 470,000 Island ECN shares.

There was also a buzz that

Exodus Communications


may be close to buying Global Crossing's GlobalCenter Web-hosting unit for about $6.5 billion in stock.

This is the second attempt at such a union after the companies dropped initial negotiations two months ago. The Global Center Web-hosting business offers storage and maintenance facilities for Web sites and other Internet services such as applications management.

If the deal is struck it will be for a 10-year network services agreement that could mean $4 billion for Global Crossing,


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reported. Exodus will use Global Crossing's network for at least two-thirds of its network purchases in Asia, and at least 50% of its purchases in the rest of the world.

The companies would also form a joint venture in Asia that will provide Web-hosting services, sources told



Exodus fell $2.10 to $51.40 on 142,000 Instinet shares after the late-night news.



is a penny stock that has seen its pennies dwindle in the month of September. The precipitous drop just keeps deepening as the tech company makes fresh lows every day. Telident makes hardware and software systems that provide the exact location of a 911 telephone call to an emergency dispatcher and the police station, hospital or fire house.

After hitting a low of 6 cents yesterday, the stock did the dead-cat boogie up 50% during the day on a thin 310,000 shares but was recently retreating a penny to 8 cents tonight. There was no news to spur the move, but some traders like to play with toys that aren't terribly expensive.

Very late last night

ICG Communications


named Randall Curran as its new CEO and said it hired a firm to help it revive its struggling business. ICG sells telephone and Internet services to businesses and has seen its shares plunge to 50 cents on Tuesday from a high of $39.25 in March. Disappointing earnings and warnings propelled the fall.

But good news plus a cheap stock equals a good buying opportunity as investors lifted ICG 12.5% by day and another 3 cents to 59 cents by night.

Curran was the chairman, president and CEO at welding-equipment maker Themadyne Holding and replaces Carl Vogel, who resigned as ICG's chairman and CEO last week after only four weeks on the job.

After the bell,

Charter Communications

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announced that approximately 5.7 million previously issued and outstanding shares of common stock were registered for resale by holders after a registration statement filed with the

Securities & Exchange Commission

became effective yesterday. This registration increases the number of publicly tradable shares from 195.5 million to approximately 201.2 million.

Charter shares rose 81 cents to $15.50.