SPK was always going to retrace under $3 based on kiwi brokers trying to downramp to get some commission. SPK's SP should be about $3.40 IMHO based on yield, stats and market projections.
Telcos in NZ and Australasia generally r undervalued compared to others in offshore telco sector: for example, VZ cracked $50, VOD £2.32, BT £4.70, even relatively speaking the sector's dregs like Colt, Eircom and Sprint r doing well.
In Australasia, different story for TLS & SPK, perhaps they r due a rerating to the upside otherwise the market is downgrading based on the pending poverty of Australasians which I think is getting a tad overdone due to Australian pessimism caused by commodity prices temporarily weakening.
Kiwis will revive their love of talking, mobiles and media-streaming/ broadbanding (in spite of CNU), the pessimism can't go on forever, perhaps SPK is the ultimate contrarian play in the Southern Hemisphere.
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