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April 4, 2005 Stock Pick: Broadwing Corporation (BWNG)

Stock Price: $4.16

Broadwing Corporation primarily provides telecommunications solutions to businesses through its nationwide, all-optical network. The company also has an optical equipment arm known as Corvis Equipment Corporation selling mainly to the United States Government.

The last six months have been volatile for BWNG since completing a 1:10 reverse split last October resulting in a share price of $7.95. BWNG dropped to a low of $5.11 in late October, then shares hit a high of $9.79 on December 29th, 2004. We now believe BWNG is oversold and undervalued as it levels with support at the $4.00 level.

We believe the company will now look forward as much of the bad news is behind them. They can now focus on cutting costs and growing revenues.

There are 73.5 million shares outstanding. BWNG has a book value of $6.18.

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