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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: kech who wrote (120313)	6/13/2002 12:45:01 PM
From: Cooters	Respond to of 152472

DJ Wireless Stocks Down On General Malaise, Bad Sentiment Dow Jones News Service ~ June 13, 2002 ~ 11:10 am EST (MORE) DOW JONES NEWS 06-13-02 11:10 AM DJ Wireless Stks Dn -2: Debt, Customer Growth Concerns Cited By Amy Braunschweiger Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--General market malaise and disenchantment with telecommunications stocks continued to weigh on the wireless sector Thursday. "This group is out of favor," said Robertson Stephens analyst Frank Marsala, citing well-known concerns about a competitive environment, high debt levels, and opportunities for growth. Shares of Sprint PCS (PCS) were hit especially hard, as Jefferies analyst Ben Abramovitz cut his rating to accumulate from buy, citing customer growth and subscriber quality. The stock traded down 6.5% to $6. Following Sprint PCS's lead, Aether Systems Inc. (AETH) dropped 5.7% to $2.80, while AT&T Wrieless Services Inc. (AWE) slipped 4.4% to $6.26. Leap Wireless International Inc.'s (LWIN) slid despite the company's news that fewer people are fraudulently using its services under a false name. The shares recently traded at $1.54, down 8.3%, on lower than average volume. (MORE) DOW JONES NEWS 06-13-02 11:32 AM *DJ Wireless Stks Down After Weak Retail Sales Results >PCS (MORE) DOW JONES NEWS 06-13-02 11:36 AM =DJ Wireless Stocks Down-3: JP Morgan Sees Stocks As Oversold Weak U.S. retail sales results also pulled the sector down, said Jefferies' Abramovitz, as investors remain concerned about product sales. Earlier Thursday, the Commerce Department reported that overall retail sales declined 0.9% in May - greater than the 0.3% decline Wall Street had been expecting. The drop was the largest since November. J.P. Morgan conducted its own survey on the wireless sector, and is currently holding a conference call to discuss the findings. J.P. Morgan telephoned various retail outfits to see how wireless sales are progressing. Circuit City Stores (CC) and Best Buy Co. (BBY) have shown sequential sales improvement, RadioShack Corp.'s (RSH) sales have remained flat, and independent retailers have seen sales drop. The sales news, combined with views that capital expenditures soon will decline and that margins are expanding, convinced J.P. Morgan that the group's stocks are oversold. J.P. Morgan analyst Thomas Lee reiterated his buy rating on Sprint PCS stock, as net customer additions are seen as being on track with expectations. For the second quarter, Lee sees the company having 575,000 net customer additions. "We continue to believe PCS is among the best wireless equities," he said in a note Thursday. -By Amy Braunschweiger, Dow Jones Newswires; 201-938-2205; amy.braunschweiger@ dowjones.com (END) DOW JONES NEWS 06-13-02 12:32 PM