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Author Topic: Redback Networks Inc. Has Risen Above Today`s Range [RBAK]
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Redback Networks Inc. Has Risen Above Today`s Range [RBAK]

5/26/2004 10:24:49 AM We alerted readers at 7:47 that China Netcom's Liaoning Communication Corp. is deploying a network of Redback SmartEdge 800 Service Gateway systems to provide a new powerful, integrated platform for business and consumer broadband access and services in the northeastern Chinese province.

Redback Networks Inc. (RBAK) gapped open higher Wednesday and has risen above the day's narrow range in the last 10 minutes on increased volume, now up 0.53 at $5.00. The stock has risen above a range and is now trading at a 3-week high

$5 and under http://www.ewallstreetstocks.biz


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Meshoe45
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Redback rises after China order
Corrects number of regional phone companies in China.

SAN FRANCISCO (CBS.MW) -- Redback Networks shares rose 7 percent Wednesday after the maker of networking routers said it would provide its flagship system to a state-owned telephone company in China.

The agreement calls for Redback (RBAK: news, chart, profile) to sell Liaoning Communication its SmartEdge 800 system for managing Internet traffic and services.

Redback shares rose 33 cents to close at $4.80 in Nasdaq trading. Shares have fallen from a 2004 high of $11.25 a share reached in mid-January.

CEO Kevin DeNuccio said the contract was roughly equal in size to the two largest ones the company had inked in China, and its largest there since emerging from Chapter 11 bankruptcy in January.

"These market contracts take a long time to negotiate and they produce revenue for a long time," DeNuccio said. He declined to disclose financial terms.

According to Chet White, an analyst with Merriman Curhan Ford in San Francisco, the new deal could bring in between $1 million and $2 million in quarterly sales as broadband usage grows in Liaoning and surrounding northeastern provinces.

The deal could bode well for Redback's chances of winning deals with others among China's 15 regional phone companies -- particularly those controlled by China Netcom, one of two large holding companies there, White said. Netcom and China Telecom are among the world's 10 largest telephone companies.

Redback already works with state-owned companies in the Shanghai and Hebei regions of China, DeNuccio saied.

Redback lags far behind market leaders Cisco Systems (CSCO: news, chart, profile) and Juniper Networks (JNPR: news, chart, profile) in sales of such equipment to businesses, White said.

China is an important market particularly for Redback, whose systems combine Internet traffic routing with services that let the phone company manage its subscribers, said CIBC World Markets analyst Steve Kamman in New York. Unlike Western countries where high-bandwidth networks are well established, Kamman said newer networks in China represent an opportunity for a company like Redback.

Kamman said the deal may signal that Redback's business is becoming more predictable: "People are getting more confident they'll deliver according to expectations, rather than that the expectations are going up."

Chris Bagley is a reporter for CBS.MarketWatch.com in San Francisco.


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Composite Indicator
Trend Spotter (TM) Sell

Short Term Indicators
7 Day Average Directional Indicator Buy
10 - 8 Day Moving Average Hilo Channel Buy
20 Day Moving Average vs Price Buy
20 - 50 Day MACD Oscillator Sell
20 Day Bollinger Bands Hold

Short Term Indicators Average: 40% - Buy
20-Day Average Volume - 1039231

Medium Term Indicators
40 Day Commodity Channel Index Hold
50 Day Moving Average vs Price Sell
20 - 100 Day MACD Oscillator Sell
50 Day Parabolic Time/Price Buy

Medium Term Indicators Average: 25% - Sell
50-Day Average Volume - 834504

Long Term Indicators
60 Day Commodity Channel Index Hold
100 Day Moving Average vs Price Sell
50 - 100 Day MACD Oscillator Sell

Long Term Indicators Average: 67% - Sell
100-Day Average Volume - 1496767

Overall Average: 16% - Sell



Posts: 1451 | From: Somersworth, NH | Registered: May 2004  |  IP: Logged | Report this post to a Moderator
   

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