IRVINE, Calif, May 25, 2000 (PRIMEZONE) -- (www.ibchannel.com) - IBC reported today that Telecommunications stocks rose higher on Thursday on the heels of the House vote to approve normalized trading relations with China. Smoother trading relations are expected to benefit telecom-equipment makers. China is rapidly expanding its wireline and wireless phone systems and needs to spend heavily on new equipment to modernize the country's telecommunications network.
Among the large equipment makers, Cisco Systems (Nasdaq:CSCO) rose 2 1/8 to 57 1/4, Nortel Networks rose 2 5/8 to 54 1/8, Alcatel rose 2 to 46 3/8. Ciena (Nasdaq:CIEN), Cabletron Systems, Nokia and Tellabs (Nasdaq:TLAB) also advanced. Lucent Technologies was down 1 1/4 to 52 1/2.
Gains were also widespread among newer equipment makers. California Amplifier, Redback Networks (Nasdaq:RBAK).
Phone carriers also rose, but less impressively. Level 3 Communications was the biggest gainer, up 2 13/16 to 72 7/8. WorldCom was fractionally higher, while Sprint and AT&T were fractionally lower. All the satellite carriers were also higher, led by Gilat Satellite Networks, which rose 4 7/16 to 73.
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