NII Gains After CEO Dussek Boosts Stake by 12 Percent
NII rose 17 percent to $8.21 at the close in New York, the biggest jump since Aug. 6. The Reston, Virginia-based company’s shares have plummeted 61 percent this year as competition and network spending cut into profits.
Dussek’s purchases may represent a show of confidence in the company as it prepares to offer 3G, or third-generation, services in Mexico, its second-largest market, said Christopher King, an analyst at Stifel Nicolaus & Co. Dussek acquired 42,402 shares at $7 apiece yesterday, increasing his stake to almost 400,000 shares that include unvested, restricted stock, according to a regulatory filing today.
“So many people have been waiting so long for some sign of confidence, some positive development here,” said King, who advises buying the shares, in a telephone interview today from Baltimore.
Claudia Restrepo, a spokeswoman for NII, didn’t immediately return a telephone message seeking comment.
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