The entire sector is doing well today:
March 8, 2010, 11:23 a.m. EST
Sprint, phone stocks gain; Ciena off
By Jeffry Bartash, MarketWatch
WASHINGTON (MarketWatch) -- Shares of Sprint Nextel Corp. gained more than 4% while Verizon Communications Inc. and AT&T Inc. also rose as phone stocks moved mostly higher.
Sprint (NYSE:S) was up 13 cents to $43.42 to lead the group.
Verizon (NYSE:VZ) , meanwhile, rose 1.2%. The nation's largest wireless carrier confirmed that testing of its fourth-generation mobile network shows that the new technology is significantly faster than its current standard.
Verizon plans to roll out its new network, based on a technology known as LTE, over the next few years. LTE promises faster access to the Internet -- good for bigger files such as video and music -- and the ability to handle more traffic.
AT&T (NYSE:T) edged up 0.8%.
Also, Clearwire Corp. (NASDAQ:CLWR) , a smaller company that focuses on wireless Internet, jumped almost 8%. There was no major news at the company, whose stock is prone to sharp ups and downs.
In the telecommunications-equipment group, ADC Telecommunications Inc. rose 3.2% and Ericsson added 1% in value.
On the downside, Ciena Corp. (NASDAQ:CIEN) fell 4% after the company said it would sell $250 million in notes convertible to stock to help pay for the acquisition of valuable assets from Nortel Networks, the bankrupt Canadian networker.
Sales of convertible notes sometimes put pressure on a stock because conversion eventually leads to an increase in the number of outstanding shares.
S 3.44, +0.16, +4.80%
Last week, Ciena also posted a larger quarterly loss than Wall Street expected and a sales forecast that was viewed as a disappointment.
Among key industry indexes, the Dow Jones U.S. Fixed Line Telecommunications Total Stock Market Index increased 0.8% to 918 points.
The index has ranged from a high of 1,026 points to a low of 748 points within the past 12 months.
The Dow Jones U.S. Telecommunications Equipment Total Stock Market Index rose 0.9% to 5,780 points.
The equipment index has ranged from a high of 6,032 points to a low of 3,312 points in the past 12 months.