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My Portfolio • Community • VSE • Alerts Front Page News & Commentary Markets Mutual Funds & ETFs Personal Finance Technology Tools & Research My MarketWatch Community Video   Markets   Global Markets   Emerging Markets   Earnings Watch latest news TELECOM STOCKS CenturyTel surges; other telecoms flat By Jeffry Bartash, MarketWatch Last update: 12:05 p.m.
EDT June 24, 2008 WASHINGTON (MarketWatch) -- Shares of CenturyTel Inc.
led telecommunications stocks Tuesday, jumping more than 13% after the rural phone company raised its dividend and said it would buy back stock quicker than it previously planned.
Earlier, the Monroe, La.-based carrier said it plans to raise its annual cash dividend to $2.80 a share from 27 cents a share.
CenturyTel also declared a one-time dividend of 63.25 cents a share to shareholders of record on July 7.
The company also plans to accelerate purchases under its current $750 million share buyback program to complete the remaining $385 million by the end of the year or early 2009.
CenturyTel said it expects to meet or exceed its prior target for second-quarter profit of 78 cents to 82 cents a share, adjusted for onetime items.
CenturyTel (CTL: CTL News, chart, profile, more Last: Delayed quote data Add to portfolioAnalyst Create alert InsiderDiscussFinancials Sponsored by: , , ) shares rose $4.18 to $35.43 in recent trades, although the stock is still down 15% for the year.
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Aside from CenturyTel, most sector stocks moved lower in early action, particularly equipment makers.
Among the notable decliners, Verizon Communications Inc.
(VZ: VZ News, chart, profile, more Last: Delayed quote data Add to portfolioAnalyst Create alert InsiderDiscussFinancials Sponsored by: , , ) fell 1.8% and Nortel Networks Corp.
(NT: NT News, chart, profile, more Last: Delayed quote data Add to portfolioAnalyst Create alert InsiderDiscussFinancials Sponsored by: , , ) was down 2.7%.
Looking at key sector benchmarks, the Dow Jones Wilshire Fixed Line Telecommunications Index dipped 0.8% to 1,173 points.
Over the past year, the phone index has ranged from a high of 1,513 points to a low of 1,131 points.
The Dow Jones Wilshire Telecommunications Equipment Index declined a sharper 1.2% to 5,934 points -- the first time the index has moved below 6,000 since April.
Over the past year, the equipment index has ranged from a high of 7,590 points to a low of 5,228 points.
Jeffry Bartash is a reporter for MarketWatch in Washington.
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