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Where Telecom Bargain Hunters Turn
Topic: Economics 6:18 am EDT, May 13, 2002

It has been two months since Ivan G. Seidenberg, the chief executive of Verizon, mused at an investment conference that his company might bid for WorldCom "for the fun of it" if the stock price of that long-distance and Internet carrier continued falling.

Since then, WorldCom's shares have dropped 80%, to $1.58 on Friday. But as Mr. Seidenberg wryly suggested, conditions in the communications sector are so tough that Verizon has no real interest in WorldCom at any price. Verizon, along with rivals like SBC Communications, BellSouth and Deutsche Telekom, all have plenty of their own problems without taking on WorldCom's.

How bleak has the telecommunications scene become?

... Analyst: "We're not recommending any exposure to telecom. Tech investors are better off looking at semiconductors or game companies."

... Goldman, Sachs: "The telecom industry is beset by destructive competition in almost every sector." ... Fears are rising that telecommunications has too much in common with industries like steel and airlines.

... "At the end of the day, you're going to have the RBOC's battling each other."

Where Telecom Bargain Hunters Turn



 
 
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