Telecoms led by small manufacturers
By Jeffry Bartash, CBS.MarketWatch.com
Last Update: 11:18 AM ET Sep 12, 2000
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NEW YORK (CBS.MW) -- Shares of telecommunications companies
edged higher Tuesday in a quiet trading session, led by smaller
manufacturers.
In recent activity, the Nasdaq Telecommunications Index, which
represents the younger equipment manufacturers, advanced 1.3 percent.
Yet the phone sector, as measured by the Standard & Poor's
Communications Services Index, was flat. So was the American Stock
Exchange's Networking Index, which comprises the larger equipment
makers.
Strength was most evident among smaller equipment companies. Netopia
(NTPA: news, msgs) and Adaptive Broadband (ADAP: news, msgs) led
the way, each rising nearly 10 percent. One notable decliner: Efficient
Networks(EFNT: news, msgs), off $4.13 to $50.13.
The large equipment makers group was held back
by losses among bellwethers Nortel Networks
(NT: news, msgs) and Lucent Networks (LU:
news, msgs). Lucent hit another 52-week low of
$36.88, the latest in a series of dips.
On the upside, Ericsson (ERICY: news, msgs)
climbed 56 cents to $19, a 3.4 percent gain, while
Nokia (NOK: news, msgs) and Cisco Systems
(CSCO: news, msgs) were fractionally higher.
The phone sector was fairly quiet. The Baby Bells
were flat to slightly lower. At the low end, Verizon
(VZ: news, msgs) fell $1 to $44.06.
Among long-distance carriers, WorldCom
(WCOM: news, msgs) and AT&T (T: news, msgs)
moved higher while Sprint (FON: news, msgs) set
yet another 52-week low, at $28.88.
AT&T is reportedly pushing for a change in
Congress that would lift limits on how many cable
systems one company can own. Under a previous
agreement with the Federal Communications Commission, Ma Bell
agreed to sell off some cable assets in exchange for approval of its
purchase of MediaOne. The deal made AT&T the largest cable TV
supplier in the United States.
Trading in mid-sized carriers was also quiet. Qwest Communications (Q:
news, msgs) slipped $1.50 to $48.06.
Elsewhere, the satellite sector was mixed and wireless stocks mostly rose,
led by Nextel Communications (NXTL: news, msgs).
Jeffry Bartash is a reporter for CBS.MarketWatch.com. |
