Saturday, November 08, 2008
Blast From My Investing Past
Click to enlarge the chart.
Sprint or should I say Sprint Nextel Corp. closed at a lowly $3.37 per share on Friday. They've been losing customers to AT&T and Verizon and it's also been beset by the *lower credit quality* of its subscribers. Story here.
I find this $3.37 price simply amazing.
Eleven years ago I put my wife (before she was even my girlfriend) in Sprint(ticker was FON). She was up over 150 points right away in that runaway tech bull market. Sprint was a blue chip telecom without a doubting analyst anywhere on the Street. The first hit came from, if memory serves me, the collapse in long distance rates. Yeah, young'uns, phone calls used to be expensive. My parents made me wait until nighttime (9pm?) to call my long distance friends.
Unfortunately, I don't think I got the future Mrs. C-Nut to sell anywhere near the top. I'll have to dig that record up. Or maybe I'll just forget about it?
YouTube really does have everything:
Almost before Taylor's time!