Morgan Stanley sees expanded purchasing of fiber optic cable products.(Supply: what's happening in markets)

Purchasing, December, 2003

> Morgan Stanley sees expanded purchasing of fiber optic cable products in 2004 because the brokerage is convinced that 2003 represents the trough for wireline capital expenditures. "On a global basis, we forecast wireline spending up 3% in 2004," says analyst Arindam Basu. "In North America, we forecast 8% wireline capital expenditure growth next year, led by increased spending at the regional Bell operating companies."