Cash Positions

[hendi_alex]

I've been using T as a vehicle for covered calls for quite a while. Just recently trimmed the position by 40% however, as don't like the self inflicted damage that is being done in the sector. These price wars are going to hurt performance for many quarters into the future. That combines with under funded pension issues that are already a specter for T. So my opinion is to underweight the big telecom companies until prices settle at a point that provides for healthier margins.