Shares of many telecommunications shops performed well during the second quarter of 2008, quite a surprise considering the abysmal three-month performance by the Dow Jones Industrial Average and the S&P 500 during that span.
Despite slowing economic conditions that dragged the Dow lower by 7% and the S&P 500 down by nearly 3%, telecom-related stocks ended the April-June quarter higher. Struggling wireless provider Sprint Nextel (S Quote) proved the best performer, surging more than 40% as CEO Dan Hesse has worked to turn the company around and to slow customer attrition. Also during the quarter, Sprint announced a joint venture with Clearwire (CLWR Quote) for WiMax technology.
Nortel Networks (NT Quote) was another winner, rising more than 20%. The network equipment maker reconfirmed its full-year outlook during its investor meeting in June, saying it expects revenue to grow in the low single-digits compared to 2007. ...
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