Shares of telecommunications companies ticked up as traders hedged their bets on the outlook for interest rates.
Analysts at brokerage Gabelli & Co. said a selloff in shares of Internet provider CenturyLink is overdone, given that it will become the third largest fiber-optic network operator in the U.S. once it completes its acquisition of Level 3 Communications, as reported earlier. The company will have about 460,000 miles of fiber worldwide in the wake of that deal, according to the brokerage.
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"We believe the value of this asset is being overlooked, particularly as it should become even more valuable" when cell-phone carriers begin rolling out "fifth-generation" data networks.
-Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
August 24, 2017 16:44 ET (20:44 GMT)