the undersea fiber-optic network builder posted a smaller-than-expected second-quarter loss and said it would raise its growth outlook for the year.

Global Crossing's stock closed at 301 on Friday, a gain of almost $4.50 since opening trading on Wednesday at $25 5/16.

The stock has an "extremely cheap valuation, especially in light of upcoming asset sales, representing (a) near-term buying opportunity,'' Lehman Brothers said in a research report.

Global Crossing plans to create a tracking stock for its Global Center Web-hosting business, which offers storage and maintenance facilities for Web sites. It also plans to launch an initial public offering for its Asia Global Crossing business.

Both offerings should be completed in September, rather than this summer as initially planned, Global Crossing Chief Executive Leo Hindery said in a telephone interview.

The Bermuda-based company on Tuesday reported a second-quarter loss of $504.2 million, or 61 cents a share. Better-than-expected data sales offset weak voice revenues.

The results were better than the loss of 63 cents a share expected by Wall Street analysts, according to research firm First Call/Thomson Financial.

Revenues in its core telecommunications services sector fell seven percent from the first quarter, due in part to a change in accounting rules that affected how the company recognised sales.

Despite that decline, data sales jumped 15 percent over the first quarter and 65 percent over the year-ago second quarter.

Data sales generated 59 percent of the company's telecommunications services cash revenues, up from 51 percent in the first quarter. The company expects the figure to rise to about 60 percent by year-end.

"This rapid re-balancing of the revenue mix toward data meant that total revenues materially exceeded our estimates, despite a 4 percent sequential fall in voice revenues,'' Merrill Lynch said in a research report.

"Across the larger telcos, (the) voice-data mix and growth in data specifically is a key issue/concern -- with GBLX posting much faster data growth than competitors such as AT&T and WorldCom, for whom voice revenues remain approximately 60 percent of their respective totals,'' Merrill Lynch said.

Based on its strong growth in the first half of 2000, Global Crossing said it would raise its growth outlook for the year. It said it would provide new forecasts in the next few weeks.