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Stock Market & Financial Investment News

News Breaks
July 7, 2014
13:41 EDTTU, BCE, RCITELUS, 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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May 20, 2015
07:36 EDTTUJPMorgan to hold a conference
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May 14, 2015
09:33 EDTTUTELUS Ventures announces strategic investment in Sprout
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May 12, 2015
09:42 EDTTUTELUS acquires 40 MHz of 2500 MHz spectrum for $479M
TELUS announced it has secured licenses for 40 MHz of spectrum in every region across Canada in the recently concluded 2500 MHz auction. TELUS intends to fund this $479M 2500 MHz spectrum licence investment from existing credit facilities.

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