Telecom
Telecom Stocks Rise Ahead of CTIA Expo
Robert Holmes
03/31/08 - 04:33 PM EDT
Most telecom stocks finished higher on the eve of the three-day CTIA Wireless 2008 expo in Las Vegas, led by strong gains in U.S. wireless carriers.
Shares of Sprint-Nextel (S Quote) rose 4.4% to $6.69, while AT&T (T Quote) and Verizon (VZ Quote) both added 1.7% to close at $38.30 and $36.45, respectively.
Nokia (NOK Quote) and Motorola (MOT Quote), both of which are expected to unveil new devices at the CTIA gathering, finished higher on the day. Nokia gained nearly 2% to $31.83, and Motorola tacked on 1% to $9.30.
Telecom-equipment makers also enjoyed gains on the day. Nortel Networks (NT Quote) finished up 4.2% to $6.69, Alcatel-Lucent (ALU Quote) rose 2.1% to $5.76, and Tellabs (TLAB Quote) advanced 1.5% to $5.45.
FairPoint Communications (FRP Quote) was among few telecom losers Monday, falling more than 12% after completing the year-long acquisition of Verizon's landline and Internet assets in northern New England in a $2.3 billion deal. The stock finished down $1.24 at $9.02.