Volume Spike Investor

Millicom International Cellular SA (NASDAQ: MICC), a global emerging market wireless and telecom player based in Luxembourg, is seeing a severe volume surge to the downside today.

The company posted results, but it also made two more announcements.  The company is spending roughly $510 million (enterprise combining debt with purchase price) to acquire Amnet Telecommunications, which provides telecom, broadband, cable television, and corporate data traffic services in Costa Rica, Honduras and El Salvador.  It sees significant cap-ex ahead and noted that its assets are not for sale.

Shares are down over 20% at $77.75 at 10:52 AM EST and we have seen over 3 million shares trade.  A normal day has only about 730,000 shares.  Its 52-week trading range is $66.00 to $127.40.

Jon C. Ogg
July 22, 2008