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Stock Market & Financial Investment News

News Breaks
July 7, 2014
13:41 EDTTU, RCI, BCETELUS, Rogers retreat after Canada discloses auction rules
Shares of large Canadian wireless carriers TELUS (TU) and Rogers (RCI) are falling after the Canadian government indicated that it would sell wireless spectrum to smaller telecom companies. WHAT'S NEW: The Canadian government announced today that it would sell new wireless spectrum in an auction beginning next year. A 30MHz block of spectrum will be sold to one company in each market, the government stated. ANALYST REACTION: In a note to investors, Bank of America Merrill Lynch responded to the news by lowering its rating on Rogers Communications and TELUS to Neutral from Buy. Under the rules announced by the Canadian government, only companies with market shares of less than 10% will be able to purchase the spectrum that will be auctioned off next year, analyst Glenn Campbell stated. As a result, Campbell now expects Rogers and TELUS to each have a 27% share of the country's wireless market in 2025, down from his previous estimate of a 28% share. He cut his price target on TELUS to $36 from $38 and on Rogers to $38.75 from $40.50. ANOTHER TO WATCH: Like TELUS and Rogers, BCE Inc. (BCE) provides communication services to residential, business and wholesale customers in Canada. PRICE ACTION: In mid-afternoon trading, TELUS shares trading in New York dropped 2.1% to $36.54, Rogers fell 2% to $39.69 and BCE slid 1.2% to $45.05.
News For TU;RCI;BCE From The Last 14 Days
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September 15, 2014
14:28 EDTBCEAmerica Movil shopping $17.5B of assets to AT&T, others, Bloomberg says
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13:58 EDTBCEAmerica Movil solicits bid from AT&T for assets in Mexico, Bloomberg says
America Movil (AMX, AMOV) has also pitched the assets to Softbank (SFTBF) and BCE (BCE), according to Bloomberg.
September 9, 2014
07:17 EDTTUThe Wireless Association to hold a conference
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September 4, 2014
17:20 EDTBCEBCE acquires HBO programming library
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17:14 EDTBCEBell Media, Corus Entertainment sign deal with HBO
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September 3, 2014
09:19 EDTTUTELUS acquires ZRx Prescriber from ZoomMed
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