Tellabs rises on Verizon report
NAPERVILLE -- Tellabs Inc., the phone-equipment maker, rose the most in two years in Nasdaq trading after its client Verizon Communications Inc. said slowing economic growth wasn't curbing sales. Verizon, the second-largest U.S. phone company, is spending $23 billion over seven years to build a fiber-based network that offers TV and faster Internet speeds for home users. Tellabs is a leading provider of fiber-optical products for Verizon, Simon Leopold, an analyst at Morgan Keegan & Co. in New York, wrote in a report Thursday. Tellabs rose 64 cents, or 12 percent, to $5.84 on the Nasdaq Stock Market, the biggest gain since January 2006.
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