US Telecom Stocks Mixed; Qualcomm, Verizon are Top Decliners

Telecommunications stocks were narrowly mixed in Monday trades, but most large issues such as Qualcomm and Verizon Communications retreated.

Qualcomm dropped 1.7%. Last week, a federal judge upheld a decision ruling that the company violated three patents owned by rival Broadcom, although the judge did reduce the damages.

Verizon, meanwhile, slid almost 2% as most phone issues tacked lower. Sprint Nextel lost 1.5% in value and AT&T dipped a lesser 0.3%.

Losses by the big phone companies sent the Dow Jones Wilshire Fixed Line Telecommunications Index 0.9% lower, at 1329 points.

Over the past year, the index has ranged from 1513 points to a low of 1165 points.

The Dow Jones Wilshire Telecommunications Equipment Index was shed a much sharper 2.0% to 6549 points, largely because of a more than 4% decline in Cisco Systems Inc (CSCO). Cisco is by far the biggest stock in that index.

Over the past year, the equipment index has ranged from a high of 7590 points to a low of 6106 points.

-By Jeffry Bartash; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

Posted to the site on 26th November 2007