TELECOMMUNICATIONS
From Times Staff and Wire Reports
Mobile Telecom Price Cuts Send Stock Plunging: The electronic paging company slashed prices for its SkyTel system, sending its stock tumbling and sparking declines in its competitors’ shares on fears of a price war. Mobile Telecommunication Technologies Inc.’s stock dropped $9.625, or about 37%, to $16.50 and was the most heavily traded stock on Nasdaq. Jackson, Miss.-based Mobile said it was cutting the monthly base price for its SkyTel numerical nationwide paging service to $39 over the next several months from the current $69. The company said it will see operating losses this year and next due to the price cutting at its SkyTel unit.
