The stock market is poised for a disastrous week, following previously disastrous weeks and a first-ever downgrade of America’s debt by Standard & Poor’s Financial Services LLC last Friday.
In the last month, the Dow Jones Industrial Average has declined 11.83% and in the last five days it has fallen 8.02%.
Wireless companies are not immune to the pain, as they are suffering their share of what many predict is the beginning of another recession. The RCR Wireless News Stock Index highlights how vulnerable the mobile industry is and the precarious position it could find itself in for years to come. The index of companies followed by RCR Wireless News have shed more than 25% of their value so far this year and 11.41% of their collective value has dropped in the last month.
On a percentage basis, the biggest losers so far today are Glu Mobile Inc. (GLUU) down 16.21%, Powerwave Technologies Inc. (PWAV) down 12.11%, Alcatel-Lucent (ALU) down 12.04%, Clearwire Corp. (CLWR) down 11.11% and Sprint Nextel Corp. (S) down 9.27%. Like the rest of the market today, virtually every public company’s stock is down.
Wireless companies shed value following first-ever U.S. debt downgrade
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