The telecommunications industry closed the day up 0.2%. Polycom Inc ( PLCM), 8x8 Inc ( EGHT), Westell Technologies Inc ( WSTL), and Powerwave Technologies Inc ( PWAV) were all decliners today within the telecommunications industry with Telefonica ( TEF) being today's featured telecommunications loser. Telefonica fell 32 cents (-1.6%) to $20.31 on light volume. Throughout the day, 3.4 million shares of Telefonica exchanged hands as compared to its average daily volume of 6.1 million shares.

Telefonica, S.A. provides fixed and mobile telephony services primarily in Spain, rest of Europe, and Latin America. Telefonica has a market cap of $95.5 billion and is part of the technology sector. The company has a P/E ratio of 57.4, above the average telecommunications industry P/E ratio of 24.1 and above the S&P 500 P/E ratio of 17.7. Shares are down 9.5% year to date as of the close of trading on Wednesday.

TheStreet Ratings rates Telefonica as a hold. The company's strengths can be seen in multiple areas, such as its revenue growth and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, generally poor debt management and poor profit margins.

On the positive front, Orsus Xelent Technologies Inc ( ORS), Nexxus Lighting Inc ( NEXS), Clearwire ( CLWR), and China GrenTech Corporation ( GRRF) were all gainers within the telecommunications industry with Nokia Oyj ( NOK) being today's featured telecommunications industry winner.

For investors not wanting singular stock exposure, ETFs may be of interest. Investors who are bullish on the telecommunications industry could consider iShares Dow Jones US Telecom ( IYZ) while those bearish on the telecommunications industry could consider ProShares Ult Sht Telecommunication ( TLL).