Short Takes on High Yields


Qwest Communications chief executive officer Joseph Nacchio rang in the new millennium by ringing the bell of the New York Stock Exchange Jan. 3, the first business day in 2000. That day marked the high yield issuer's debut on the Big Board, jumping from the Nasdaq...

Meanwhile, Qwest announced it was awarded a multiyear, multimillion dollar contract to provide services to Musicland Stores Corp. The specialty retailer has introduced online selling and Qwest's high-speed fiber network will provide those services...

Pinnacle Holdings Inc. plans to buy 329 tower and rooftop sites for $95 million. The company, based in Sarasota, Fla., leases out space on communications towers to companies such as Nextel Communications, Sprint PCS, and Motorola Inc....

AT&T Corp. and British Telecommunications plc completed their $3 billion joint venture to offer Internet and data services to multinational companies. The venture, called Concert, is expected to generate $7 billion in revenues this year and it will reach into nearly every major U.S. and U.K. city...

Meanwhile, one of Concert's top executives jumped into the high yield area. Chief operating officer Nancy Gofus joined high-profile junk issuer Nextlink Communications as vice president and chief marketing officer, and will be responsible for the company's product development and overall marketing strategy...

Shares of cable companies, including several high yield concerns, fell last week in the wake of an analyst report that said the companies may face stronger competition from satellite providers and phone companies in the Internet, telephone and digital-video areas. The report, from Morgan Stanley Dean Witter, said the increased competition might mean that cable companies would not be able to raise prices more than about 3% a year. Cox Communications shares fell 11% to $43.56; Cablevision fell 6.7% to $70.5; Comcast fell $1.875 to $41.38; and Adelphia fell $1.25 to $65.75.