Global Crossing Ltd. (Nasdaq: GBLX) rose 5 1/16 to 35 1/8 Friday after the Hamilton, Bermuda-based fiber optic company raised its financial targets for the year.
The company said it expects cash revenue to rise 38 percent from 1999 to about $5.37 billion, up from a previous estimate of $4.84 billion. Earnings before items are likely to be $1.34 billion, rather than the $1.21 billion previously predicted.
Global Crossing is building an IP-based fiber-optic network that will cover more than 101,000 miles and serve five continents, 27 countries and more than 200 major cities.
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