When reviewing the best- and the worst-performing technology funds for the five trading days ended Thursday, Nov. 13, the clearest disparity is between first-tier and second-tier telecommunications companies.
The worst-performing fund during the week was the ProFunds Mobile Telecommunications UltraSector ProFund (WCPIX Quote), which lost 32.38% on 150% leverage to the Dow Jones U.S. Mobile Communications Index. Five of its seven member stocks retreated.
Shares of Sprint Nextel (S Quote), which makes up 52.7% of the index, declined 39.1%, smacking the fund pretty hard. Sprint's book of customers shrank by another 1.1 million contracts in the third quarter. Cost cuts from closing employee cafeterias and turning down heaters have not proved sufficient, and Sprint is now offering employees a sweetened buyout package of eight weeks' pay plus two weeks for each year of service. Sprint stock has sunk to a level not seen since 1980. ...
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