Telecommunications services industry

Stocks in the telecommunications services industry have performed well in 1999 even though they are not as timely as they were in the 1st qtr of the year, and many are trading at or near their yearly highs. The Internet and data sectors have led to increased interest in these stocks, as have the rising price-earnings multiples. These stocks are timely for the next six to twelve months, but investors with longer time horizons may want to wait for better price opportunities in the future.