Cellular phone shares jump, setting off sharp rise in Nasdaq Composite Index
Article Abstract:
The Nasdaq Composite Index leaps 1.41 percent, from 605.52 to 614.08, on trading volume of 238.4 million shares on Nov 5, 1992. Leading the surge are cellular-phone stocks, following the announcement Nov 4 by AT and T that it plans to buy a $3.8 billion stake in McCaw Cellular Communications Inc. McCaw, the most heavily traded stock of the day, leaps 5-1/4 to 32. Comcast climbs 1/8 to 15-5/8, LIN Broadcasting rises 9-1/8 to 77-1/8, Vanguard Cellular Systems rises 3/4 to 25-1/2 and Contel Cellular advances 1/2 to 16-1/2. AT and T stock climbs 1-5/8 to 44-3/8. The AT and T/McCaw pact fuels rumors about other potential acquisitions in the cellular industry. Some analysts predict that the cellular rally will die down unless other transactions transpire.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1992
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Mexicans tangled in telephone lines begin to mobilize; cellular phone business offering a handy solution to long waits, red tape
Article Abstract:
Many Mexican citizens find cellular telephone service a convenient way to bypass Telefonos de Mexico S.A. and the average waiting period of three years to get a traditional terrestrial phone line installed. Mexico has only eight telephone lines per 100 persons. Telcel, the cellular subsidiary of Telmex, and the only company authorized to provide service in all Mexican states, now has 80,000 subscribers, and it expects to have half a million customers within five years. The main reason cited for the boom in cellular service is frustration with traditional service inefficiencies. Mexican cellular users are not shy about using their phones, logging an average of 250 minutes of use a month, about 40 percent more than the average US user.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1992
User Contributions:
Comment about this article or add new information about this topic:
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