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Not surprisingly, the only consensus comes from Wall Street, which these days hardly seems to meet a technology or communications stock it doesn't like.
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Media and communications stocks, banks and healthcare companies also took heavy losses on US markets.
Investors pushed the Bear Stearns index of 14 satellite communications stocks up 86.8percentt for the 52 weeks through Thursday.
Sentiment among investors in communications stocks could be soured after Nortel Networks, Lucent's main rival, said yesterday that its first-quarter loss would be wider than forecast.
The Hughes deal comes as technology and communications stocks have boomed and auto stocks have become wallflowers, leaving G.M. and others stuck with almost embarrassingly low price-to-earnings multiples.
Mr. Gabelli, 34, is a son of Mario Gabelli, an often quoted portfolio manager who has focused on media and communications stocks and is the chief executive of Gabelli Asset Management, the holding company that includes the fund's adviser.
Further muddying the situation was the Daedalus-like decline of Nortel, which has plummeted 77percentt in the last 12 months amid earnings warnings, layoffs and a limping market for communications stocks.
For Sprint, the downturn in communications stocks, along with the continued construction of new networks by other companies, means that Sprint can probably buy metropolitan and international assets more cheaply now than it could have before the WorldCom tango began.
It is also one of the world's cheaper communications stocks.
An unexpected bid for a cable company by AT&T t could stir up action among communications stocks today.
Stocks are expected to open mixed today as a huge merger in the cable industry shakes up technology and communications stocks.
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