Selloff

Leucadia National sold all of its MCI stock. The conglomerate filed an 8-K with the SEC stating that it sold its 5% stake in the carrier. According to the document the sale brought in a pre-tax profit of about $20 million for Leucadia. The investment company says the sale “should not be interpreted to mean that (Leucadia) is no longer interested in acquiring control of MCI, but no assurance can be given that (it) will acquire control of MCI.” Leucadia in July filed for permission with the SEC to buy 50% of MCI’s shares. (Read the story)

Core router maker Avici Systems says top customer AT&T has renewed a purchase agreement for another five years. The trouble is, AT&T ain't buying squat now and is under no obligation to do so in the future, despite the renewal. As a result, Avici warned that third-quarter revenue will be significantly lower than expected due to "delays in anticipated network build-outs and timing of expected orders." The company now expects gross revenue for its third quarter, ending Sept. 30, will be $3 million to $4 million instead of the $12.7 million forecasted by analysts. Revenue for the 2003 third quarter was $10.5 million and $12.1 million for the 2004 second quarter, ended June 30. (Read the story)

The U.S. Senate Commerce, Science and Transportation Committee approved bills intended to fight computer spyware and to protect wireless phone customers from potential privacy problems associated with a wireless phone number directory. One day after a hearing on the Wireless 411 Privacy Act, the committee approved the bill, which would prohibit wireless carriers from including subscribers' phone numbers in published directories without their consent. Six of the seven largest wireless carriers are moving forward with a plan to compile a wireless number directory. Sponsors of the bill, including Sen. Barbara Boxer (D-Calif.), argued that wireless phone customers expect their numbers to be private, and the bill would safeguard customers against unscrupulous business practices. (Read the story)

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Leucadia National sold all of its MCI stock. The conglomerate filed an 8-K with the SEC stating that it sold its 5% stake in the carrier. According to the document the sale brought in a pre-tax profit of about $20 million for Leucadia. The investment company says the sale “should not be interpreted to mean that (Leucadia) is no longer interested in acquiring control of MCI, but no assurance can be given that (it) will acquire control of MCI.” Leucadia in July filed for permission with the SEC to buy 50% of MCI’s shares. (Read the story)

Core router maker Avici Systems says top customer AT&T has renewed a purchase agreement for another five years. The trouble is, AT&T ain't buying squat now and is under no obligation to do so in the future, despite the renewal. As a result, Avici warned that third-quarter revenue will be significantly lower than expected due to "delays in anticipated network build-outs and timing of expected orders." The company now expects gross revenue for its third quarter, ending Sept. 30, will be $3 million to $4 million instead of the $12.7 million forecasted by analysts. Revenue for the 2003 third quarter was $10.5 million and $12.1 million for the 2004 second quarter, ended June 30. (Read the story)

The U.S. Senate Commerce, Science and Transportation Committee approved bills intended to fight computer spyware and to protect wireless phone customers from potential privacy problems associated with a wireless phone number directory. One day after a hearing on the Wireless 411 Privacy Act, the committee approved the bill, which would prohibit wireless carriers from including subscribers' phone numbers in published directories without their consent. Six of the seven largest wireless carriers are moving forward with a plan to compile a wireless number directory. Sponsors of the bill, including Sen. Barbara Boxer (D-Calif.), argued that wireless phone customers expect their numbers to be private, and the bill would safeguard customers against unscrupulous business practices. (Read the story)

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