Neutral Tandem Shares Rise After Upgrade
Power said that the recent sell-off in Neutral Tandem's shares was overdone.
Concerns about a rumored joint venture between telecommunications company Sprint Nextel Corp. and Neutral Tandem's competitor Level 3 Communications Inc. are "misplaced," Power said, and recent stock selling by company executives is a "continuation of long-running trends."
In the past, Level 3 and Neutral Tandem were involved in a regulatory dispute having to do with the extent to which the two companies would be interconnected. The issue was settled in June 2008, according to the company's annual report.
Sprint is Neutral Tandem's biggest customer, said company spokesman Gerard Laurain.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV