Telefonica takes control of four Mexican companies
Telefonica Moviles announced it will take management control of Bajacel, Movitel, Norcel and Cedetel, four of Motorola Inc.’s operating companies in Northern Mexico.
As a result of this agreement, Telefonica Moviles said it will have a total of 25 million customers under management throughout Spain, Morocco and Latin America.
Following the deal with Motorola, the four Mexican companies began to conform their procedures to the practices of Telefonica Moviles and made Jose Luis de la Pena, who has been with Telefonica for more than 25 years, their chief executive officer.
SBC issues 1Q warning
Cingular Wireless’ majority owner, SBC Communications Inc., saw its stock drop more than 4 percent in early Friday trading after the company said it will earn between 50 cents and 53 cents per share from operations during the first quarter, below analyst forecasts of 59 cents per share
SBC said first-quarter results were being weighed down by increased spending on the expansion of its long-distance, high-speed Internet and wireless service and the acquisition of Sterling Commerce.
Legg Mason downgraded SBC’s stock from Buy to Market Outperform.
