Business Services Industry
Verizon Announces Network Upgrade, Signaling Industry's Optimism.
Knight Ridder/Tribune Business News, January, 2004
By Jon Van, Chicago Tribune Knight Ridder/Tribune Business News
Jan. 6--The nation's largest phone company on Wednesday said it would overhaul its network, a sign that the telecom industry's deep slump may be ending.
The announcement by Verizon Communications Inc. could lift a 3-year spending freeze that has crippled the industry, analysts said. Indeed, shares for Nortel Networks, the vendor that will handle Verizon's upgrade, rose nearly 20 percent Wednesday.
"It's an acknowledgement that no matter how bad the economy is, carriers have to buy new technology at some point if they want to survive," said Albert Lin, an analyst with American Technology Research.
Verizon will accelerate the upgrade of its network from a...
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