Wireless Week in Review - Revived
For one week only: tidbits of the latest weekly news that's fit to print (and too short to really fit anywhere else). I give you: the Wireless Week in Review! (back from the dead)
In this Review: Palm gets downgraded. Motorola gets downgraded. Ohio gets downgraded!
You didn't ask for it, but the Wireless Week in Review returns!
Friday was a bad day in the stock market, and an even worse day for cell phone makers, thanks in part to several analyst downgrades in the sector. A Lehman Brothers analyst lowered his quarterly earnings estimates on Palm Inc. reasoning that higher costs and lower average selling prices would (negatively) affect the company's bottom line. He also factored in better-than-expected sales of the budget Centro smartphone.
Meanwhile, ailing Motorola was downgraded yet again. Reason: "steadily deteriorating fundamentals." This comes after it was revealed that Carl Icahn, billionaire (possibly soon-to-be millionaire) corporate raider and financier actually invested even more into the company - he now owns 142.36 million shares. And in other Motorolan news, the mobile device unit president resigned. Maybe to go to Nokia?
Nokia clinched a $2 billion dollar deal with Chinese mobile phone distributor China Postel. China, the world largest cell phone market, is also Nokia's best market in terms of sales: 6.4 billion euros, to be exact (2007). Unfortunately, the deal didn't help Nokia's stock price any: shares of the company fell a little over 2% at Friday's close.
Sucks to live in Ohio: the Supreme court ruled that the likes of AT&T and Cincinnati Bell will be allowed to raise rates for Ohio customers - but no more than $1.25 per year for phone service and 50 cents for Caller ID.
Looks like that's it for this week. Tune in next time for another dose of weekly wireless news!
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