NEW YORK (AP) -- Telecom stocks closed mixed on Tuesday, with Qwest Communications up slightly after posting a first-quarter profit that tripled year-over-year.
The telecom service provider's net income soared despite lower revenue, as the company cut expenses and saw higher demand for its Internet and data services.
Shares of Sprint Nextel Corp. also edged higher, despite a downgrade to "Underweight," from a Prudential analyst. The company "seems to be stuck with multiple operating challenges, is losing wireless market share and generates only minimal free cash flow," wrote analyst Richard Klugman in a note to investors. Sprint is now his only "Underweight" rated stock in the telecom services sector.
Klugman upgraded Verizon to "Neutral Weight," and said the company "shows some encouraging signs of improving revenue growth and accelerating FiOS TV subscriber additions, as well as continued dominance in wireless."
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http://biz.yahoo.com/ap/070501/sector_glance_telecom.html?.v=3
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