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Sounds kind of dirty, right? Actually, it's because of a clean visual that technical analysts use this term. Technical analysts like charts (hence their nickname of "chartists"), and they like to give certain patterns they see neat little names.
Such is the case with the double bottom, which looks on a chart like, well, a double bottom. Think of three mountains (on a chart reflecting a rise in values) separated by two valleys (representing dips in value). The troughs of the valleys, and the size of the first two peaks, are generally the same, so the chart looks like the letter 'W.' The appearance of those two valleys represents a double bottom.
So what? Well, if you're one of those folks who believes in the power of the charts, seeing a double bottom suggests a long-term trend is about to reverse. So, if a stock chart shows shares falling for several months, then seeing a double bottom, chances are good (according to the chartists) that the shares will rise. And vice versa.
But, beware: charts can be a great tool, but they're more art than science. Use any charts with caution.
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Monday, May 05, 2008
Report: Sprint Looking to Part Ways with Nextel
FOXBusiness
Sprint could soon publicly acknowledge the failure of its 2005 merger with Nextel, according to a report in the Wall Street Journal. Sprint Nextel Corp (S) is exploring the possibility of selling off the Nextel division, sources familiar with the company told the Journal.
The Nextel division has struggled to retain subscribers since the acquisition, and a recent ruling by the D.C. Circuit Court of Appeals that the company must abandon radio frequencies close to those used by emergency personnel by June 26, has made the prospect of attracting new customers with its ‘direct connect’ walkie-talkie features look bleak.
Potential buyers include investors affiliated with Nextel founder Morgan O’Brien’s Va.-based telecom company, Cvren Call. The Journal reported that O’Brien seeks to create a national public safety communications network. Sprint is also reportedly considering spinning Nextel off into a separate company.
Unloading Nextel could make Sprint an ideal target for acquisition. Deutsche Telecom is considering an acquisition of the company, according to a report in the Wall Street Journal.
Although the two telecom companies are engaged in talks, the journal reported the discussions are in preliminary stages, and a deal could be weeks or even months away.
Sprint Nextel (S) is the third largest cellular service provider in the U.S., second only to AT&T and Verizon Wireless. Deutsche Telecom’s union with Sprint could make the Germany-based company’s T-Mobile division the largest wireless company in the US.
Early this year, Sprint announced it would be closing 125 of its retail stores and cutting 4,000 jobs due to a projected loss in profit for 2008.
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