Foreign Telecom Firms Reach Multiyear Highs
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Alhambra has no monopoly on telecom mania, of course.
Foreign telecommunications giants are in hot demand again, powering key markets to multiyear highs Thursday.
Their New York Stock Exchange-traded shares followed. Among the main movers:
* Britain’s Cable & Wireless (ticker symbol: CWP) surged $5.25 to $38.69 after analysts speculated it may be an acquisition target. And British Telecom (BTY) jumped $14.25 to $202.31 after a strong quarterly earnings report.
* France Telecom (FTE) rose $3.75 to $104.25 as the phone giant was reported to be considering buying a unit of Britain’s Vodafone AirTouch as part of a possible hostile bid for German mobile phone operator Mannesmann.
* Japan’s Nippon Telegraph & Telephone (NTT) gained $4.19 to $85.19 after reportedly forming a venture with Matsushita Electric to provide interactive TV shows.
* Mexico’s TelMex (TMX) climbed $3.06 to $100.94 as the phone giant proposed a 2-for-1 stock split. No date has been set.
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