The Wrong Call on Telefonica?

The Spanish telecom is caught in the downdraft generated by its debt-ridden European peers. A closer look finds a lot to like

The links tying Telefonica to Latin America seem to be a little too strong for the market's taste. Fearing that Argentina's mounting economic crisis would rattle Spain's telephone giant, investors have pushed Telefonica (TEF ) stock down 14% in six trading sessions. With this descent, Telefonica falls in line with Europe's other battered phone companies, which have seen their stocks fall an average of 60% in the last year.

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