10/15 11:45 Nextel falls on disappointing subscriber growth
NEW YORK, Oct 15 (Reuters) - Shares of Nextel Communications Inc.
<NXTL.O> dipped sharply on Thursday after the wireless communications
company signed up fewer new customers in the third quarter than analysts had
expected.
The stock, the second most active on the Nasdaq, touched a new 52-week low
of 15-3/8. As the session wore on, the shares recovered, paring the losses to
stand at 17-1/16, down 2-10/16 or 13 percent.
Nextel said it added 375,300 domestic digital subscribers during the third
quarter.
That was below the low end of the Wall Street estimate of 380,000 to 420,000
new subscribers, analysts said.
"The market is very subscriber-centric and was really focused on the 400,000
number," said Jeffrey Hines, a analyst who follows Nextel for BT Alex. Brown.
"When the number came in below that, it left people scratching their heads," he
said. |
