YOU ARE AT:WirelessWireless companies shed value following first-ever U.S. debt downgrade

Wireless companies shed value following first-ever U.S. debt downgrade

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.

ABOUT AUTHOR

Matt Kapko
Matt Kapko
Former Feature writer for RCR Wireless NewsCurrently writing for CIOhttp://www.CIO.com/ Matt Kapko specializes in the convergence of social media, mobility, digital marketing and technology. As a senior writer at CIO.com, Matt covers social media and enterprise collaboration. Matt is a former editor and reporter for ClickZ, RCR Wireless News, paidContent and mocoNews, iMedia Connection, Bay City News Service, the Half Moon Bay Review, and several other Web and print publications. Matt lives in a nearly century-old craftsman in Long Beach, Calif. He enjoys traveling and hitting the road with his wife, going to shows, rooting for the 49ers, gardening and reading.