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Technology Stocks : Nuevo Grupo Iusacell (CEL)

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To: Nancy Haft who wrote (20)	12/13/1999 2:12:00 PM
From: Rob Preuss	Read Replies (1) of 206

Mexico cellphone firm Iusacell stock plummets Monday December 13, 2:01 pm Eastern Time MEXICO CITY, Dec 13 (Reuters) - Mexico's No. 2 cellphone company Nuevo Grupo Iusacell skidded 12.82 percent on the bolsa Monday as the company corrected from last week's steep gains and was hurt by a downgrade on its stock, traders said. Iusacell V shares eased 2.18 pesos to 14.82 pesos while its ADRs (NYSE:CEL - news), or American Depositary Receipts, fell 1/8 to 15-5/8 on Wall Street. Last Thursday, Iusacell shares jumped 25 percent after Morgan Stanley Dean Witter said the company was its top pick in the Latin American wireless sector and set a new end-2000 target price of $19 for the firm's ADRs from previous $16.50. Iusacell was also boosted by news it had placed $350 million in seven-year senior notes. The issue was increased from $225 million originally planned. ``It's a natural market correction ... on Thursday we had a very sharp increase and new life-high at 17 (pesos) and besides it didn't trade Friday on the local market,' said one trader. Iusacell is not traded every day on the Mexico City exchange as the stock is not very liquid.

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