Not Just A Yuppie Toy

When the U.S. economy plunged into recession in 1990, stocks of cellular phone companies were not far behind. Shares of McCaw Cellular Communications Inc. lost two-thirds of their value between June and October. Contel Cellular Inc. fell 54%, and Metro Mobile CTS Inc. lost 64% over the same period. The problem? Investors worried that cellular phones weren't much more than yuppie toys and would be among the first luxuries jettisoned in the downturn.

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