Stockmarket responds to Xylan buyout rumours

The US stock market is responding to industry rumours switch specialist Xylan is about to be acquired by a large telephone equipment maker such as Alcatel.

Xylan stocks jumped from an average of 60,000 trades a day to around 6 million a day last week, Xylan officials report.

David Keane, Xylan Australia's managing director, told Network World Today the buyout rumours continue to circulate around the industry.

"Officially, all I can say is that Xylan stock is undervalued," he commented.

According to information on Bloomberg's web site, Xylan stock rose from 3 9/16 to 25 9/16, or 16 per cent, last week on news of the rumours.

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