Wireless stocks rally to open year
AT&T Wireless led a wireless stock rally today, advancing more than 10% after RBC Capital Markets raised its rating on the company to “sector perform” from “underperform.”
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Wireless stocks also were bolstered by speculation that the market for initial public offerings may begin to pick up again. Analysts believe that Verizon Wireless, which filed for an IPO in 2000 but subsequently froze its move when market conditions deteriorated, could finally come to market in 2003 if telecom begins a rebound this year.
Sprint PCS shares increased 9.36% and closed at $4.79 per share. Nextel closed at $12.46 a share, up 7.88%. Even shares at AirGate PCS increased by $.05, closing at $.67. The company disclosed at the end of December that it would take charges of $735 million and likely file for Chapter 11 bankruptcy protection for its iPCS division.
AirGate said it would try to renegotiate credit agreements with Sprint PCS and other lenders before filing.
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