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Redback Rises 8.4% on Qwest Deal

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Redback Networks

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was up 8.4% in late morning trade after announcing a "mult-year, multimillion dollar" agreement to provide its SmartEdge 800 optical equipment to

Qwest

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Qwest, a phone and data services company, was up 0.6%.

Qwest announced today that it will launch a cash-tender offer for some of its debt to reduce interest costs.