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Thursday, November 05, 2009
Telecoms Mostly Higher, But MetroPCS, Leap Sink
By Jeffry Bartash
MarketWatch Pulse
WASHINGTON - Most telecommunications stocks edged higher in Thursday trades after Cisco Systems Inc. said a U.S. economic recovery is underway, but discount wireless phone companies MetroPCS Inc. and Leap Wireless International Inc. fell for a second straight day after MetroPCS posted weak quarterly results. MetroPCS added far fewer customers than expected and cut its financial targets for the rest of the year. Its stock sank more than 6%, while Leap surrendered nearly 5% in value. The rest of the telecom sector, however, mostly moved higher. AT&T Inc. and Verizon Communications Inc. both rose more than 1% apiece and Qualcomm Inc. gained 3.5% to lead the equipment group.
Copyright © 2009 MarketWatch, Inc.
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