Though many are concerned about the looming threat of the fiscal cliff, telecom companies are actually ramping up spending, as demand for smartphones and tablets continues.
Wednesday it will spend $14 billion over the next few years building out its infrastructure, particularly its wireless infrastructure.
AT&T will spend $8 billion a year to continue expanding its 4G network by 2014, and an additional $6 billion on wireline equipment that serves business customers.
Not to be outdone,
said it hopes to complete its LTE network by the
middle of next year
, which recently received a
, announced a deal Wednesday to
buy wireless spectrum
and customers from
for $480 million.
The three telecom names had a down week. Verizon lost 4.2% to close at $42.64, while AT&T fell 4.0% to close at $33.54 and Sprint shed 2.6% to close at $5.55.
for $40 per share in cash and stock late on Thursday.
Shares of Priceline.com closed the week 1.4% lower at $625.87, while Kayak soared 11.8% to finish at $39.67.
Next week we have earnings from
and others in tech.
Enjoy your weekend!
Interested in more on Priceline.com? See TheStreet Ratings' report card for
-- Written by Chris Ciaccia in New York