September, In May 1996, this Report focused on historical prices and market capitalization of the competitive telecommunications companies, the CLECs. We now revisit this subject with additional information and a new perspective. After more than two years, the CLEC market is still rapidly expanding and evolving, and it is worthwhile to take another look at the CLEC stock prices and market capitalization. In addition, financing through debt and equity is a closely-related topic which we take a look at here. Stock prices, market capitalization and capital financing in the CLEC market have grown enormously. Though important indices, these are just three indicators of the health of the CLECs. Together they paint a bright picture for the future of these companies.