ICG Tanks, Depressing Other CLECs.(ICG Communications, competitive local-exchange carriers)(Brief Article)
Multichannel News, October, 2000 by FARRELL, MIKE
Stocks in the once-hot competitive local-exchange carrier sector dropped like stones last week in the wake of discouraging news from ICG Communications Inc.
ICG stock hit the skids earlier this month after its chairman and CEO -- Carl Vogel, who is also an executive at key ICG investor Liberty Media Group Inc. -- left the company after less than a month on the job.
The CLEC sector as a whole has taken a major hit in the past few months, as several companies have failed to hit their revenue and earnings forecasts.
Bear Stearns & Co. Inc. CLEC analyst James Henry said that 13 companies -- one-third of the publicly traded CLEC universe -- either missed their second-quarter numbers or revised expectations. So far this quarter, four CLECs...
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