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Level 3's in and Ciena is out as the Nasdaq 100 shakes it all about. Bad news for ADC and Ericsson too
December 12, 2003
2 Min Read
Telecom firms dominated Nasdaq's annual re-ranking of its 100 Index today, a shakeup that spelled good news for Level 3 Communications Inc. (Nasdaq: LVLT) and caused red faces at ADC Telecommunications Inc. (Nasdaq: ADCT) and Ciena Corp. (Nasdaq: CIEN), among others.
In fact, of the eight companies promoted to the index, there were two chip players, one service provider, one GPS device vendor, and one wireless device manufacturer. And among the relegated firms were three major infrastructure vendors, a storage networks firm, and a wireless chip firm. The index comprises Nasdaq's largest 100 non-financial stocks, based on market capitalization.
So who's in for a weekend of celebrations? The 100 Index is saying hello to:
Service provider Level 3, which has been in the index before but dropped out during the worst of the slump. Its share price rose a smidgen, up two cents (0.37%) to $5.46;
Garmin Ltd. (Nasdaq: GRMN), a global positioning system (GPS) device vendor. Its stock rose $1.01 (1.88%) to $54.769;
Chip firm Marvell Technology Group Ltd. (Nasdaq: MRVL), which rose 50 cents (1.32%) to $38.46;
Intersil Corp. (Nasdaq: ISIL), another silicon manufacturer. Its share price fell, by 28 cents (0.60%) to $24.90; and
Wireless device vendor Research In Motion Ltd. (RIM) (Nasdaq: RIMM; Toronto: RIM). Its stock rose by 28 cents (0.63%) to $44.59.
But the even bigger names were among the eight booted out of the index. Among the departed are:
Hardware and software vendor ADC, down $0.12 today (4.29%) to $2.92;
Optical infrastructure vendor Ciena, just one day after its latest earnings announcement (see Ciena Dampens Outlook Hopes). Its share price fell $0.28 (4.53%) to $5.90;
Storage vendor Brocade Communications Systems Inc. (Nasdaq: BRCD), further antagonizing its investors (see Did Brocade Blow an Opportunity?). Its stock fell $0.13 (2.20%) to $5.65;
Swedish infrastructure giant LM Ericsson (Nasdaq: ERICY). Its share price rose $0.235 (1.45%) to $16.495; and
Wireless chip firm RF Micro Devices Inc. (Nasdaq: RFMD), which saw its share price dip $0.13 cents (1.3%) to $10.11.
— Ray Le Maistre, International Editor, Boardwatch
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