2023-06-02 13:12:32 ET
- Telephone and Data Systems ( NYSE: TDS ) rose 2% after investor Gamco said it's considering nominating directors at the next shareholder meeting.
- Gamco, run by famed investor Mario Gabelli, owns 4.5 million shares of TDS common stock for its clients, according to a letter Gabelli sent to the CEO of TDS on Thursday. The stake makes Gamco among the top 10 holders of the company. TDS shares have plunged more than 60% over the past year.
- "With the current collapse of the stock, we need to again examine what is the appropriate allocation of capital and how to grow the intrinsic value and allow it to surface," Gabelli wrote in the letter.
- "While we have reviewed suggestions on numerous occasions in the past, we will bring these to the table again in light of the extraordinarily poor performance and the lack of focus as a result of TDS’ ownership of US Cellular and other dynamics," Gabelli added.
- TDS short interest is 5.2%.
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Telephone and Data Systems gains amid letter from investor Gamco