Subject: [NEXTEL-1] Nextel Communications slid 8.6 percent

From: Marcel <[email-masked]>
Date: Mon, 11 Nov 2002 19:05:27 -0500

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TELECOM STOCKS

Equities fall again; Nortel top decliner

By CBS.MarketWatch.com
Last Update: 4:50 PM ET Nov. 11, 2002

NEW YORK (CBS.MW) -- Telecommunication stocks headed for their third straight losing session in light holiday action, with Nortel Networks and the phone group leading the decliners.

On Monday, the American Stock Exchange's Networking Index, which represents large manufacturers, fell 5.8 percent.

Nortel (NT:
news,
chart,
profile) was the top decliner, down 14 percent to $1.18. There was no major news. On Friday, the company's chief information officer quit to "pursue other opportunities."

Earlier this morning, UBS Warburg raised its stock price target for Nortel to $1.20 from 60 cents.

Also, Lucent Technologies (LU:
news,
chart,
profile), Ciena (CIEN:
news,
chart,
profile) and Juniper Networks (JNPR:
news,
chart,
profile) each retreated 10 percent or more.

The Nasdaq Telecommunications Index, which tracks younger equipment manufacturers and phone carriers, fell 4.3 percent.

Eighteen of the 20 biggest equities were bathed in the red. Nextel Communications (NXTL:
news,
chart,
profile) slid 8.6 percent and Qualcomm (QCOM:
news,
chart,
profile) dipped 5.1 percent.

Openwave Systems (OPWV:
news,
chart,
profile) rallied for a 22 percent gain early on in the wake of favorable comments in Barron's magazine. It ended the day up 6 cents, or 5.3 percent, at $1.22.

Meanwhile, big phone stocks, as measured by Standard & Poor's Communications Services Index, sank 3.7 percent.

Aside from Nextel (NXTL:
news,
chart,
profile), AT&T Wireless (AWE:
news,
chart,
profile) sank 9 percent and and Qwest Communications (Q:
news,
chart,
profile) surrendered 7.3 percent.

Sprint (FON:
news,
chart,
profile), meanwhile, announced that CEO William Esrey will undergo chemotherapy to treat lymphoma. The company said Esrey has been told by doctors that he should fully recover. He'll continue with his duties during treatment, the company said.

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