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TELECOM
BellSouth warning hits telecoms
The local Bell sank 4% after warning late Thursday it'll miss already-lowered '02 profit views. BellSouth blamed restructuring, weak wireless sales and the economy. BellSouth has cut its '02 outlook at least four times this year. SBC Communications fell 4%, Sprint 3%.
Sonera delays 3G network launch
It's the latest 3G setback in Europe. The Finnish telecom, citing technical woes, now sees an '03 launch. Sonera will still launch 3G wireless services Sept. 26, but they'll run on its current 2nd-generation system. Vodafone and Spain's Telefonica also have delayed or canceled some 3G plans in Europe. After spending billions on 3G licenses and systems, telecoms don't see much demand.
Global Crossing chairman probed
A House panel is looking at whether Gary Winnick tried to inflate the telecom's share price before selling $734 mil in stock last year. ...