Telecom NZ [TEL.NZ] has become a bit of an obsession for me from the end of last week because of its spectacular drop in share price. I picked it as Stock of the Week this week because of its poor share price and opportunities that exist to buy as a result.
It is now testing a 52 week low of NZ$2.26 having finished at $2.28 at close of trading yesterday.
With market sentiment in the doldrums and a poor quarterly profit to report this Friday, if we get a combination of negative pressure Telecom's share price will probably test an all time low if it hasn't already. (see chart above)
I cant find the 1991 IPO price for the company but from the chart it looks like the current share price is close to its IPO price.
It is an ugly looking chart I must say, with a peak during the dot com boom and downhill all the way since then.
Just as an aside, I wonder if CEO Paul Reynolds is going to give back his huge incentive bonus for company performance (presumably he received it for positive performance) last year, considering poor company performance over 2008-2009 and the associated share price drop ?
It is rhetorical question of course but Paul should consider giving it back, his shareholders need to put some pressure on him to perform. The chart says he hasn't and so does the bottomline.
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