LV phone competitor’s stock jumps

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Monday, Oct. 2, 2000 | 11:04 a.m.

Mpower Communications Corp. stock jumped $3.72 over two days to close the week at $8.72.

The Rochester, N.Y.-based provider of telephone and Internet service to businesses and consumers was rated "buy" in new coverage by analyst Peter DeCaprio at Thomas Weisel Partners. He expects the stock to reach $18 by year's end.

Formerly based in Las Vegas and known as MGC Communications, the company still operates in Las Vegas and is building a network to serve the nation's top 50 metro markets during 2001.

Separately, Mpower said it will vigorously fight a lawsuit filed by shareholders over a dramatic decline in its stock price caused by its announcement that it expects to lose more money than expected in coming quarters.