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TeleTech operates call centers and back office operations for businessexs inseveral industries, including telecommunications. The Englewoodr company (NASDAQ: TTEC) has locations in 17 countriex and employs morethan 53,000 people worldwide. Stifel Nicolauas analyst Shlomo Rosenbaum, in a report issueds Wednesday, dropped TeleTech shares from a “buy” ratinhg to “hold” on the Sprint Nextel closure The analyst also lowered his forecast of 2009 earnings per share for TeleTech by32 percent, from $1.10 per share to 83 centw per share on lower revenue. TeleTech’s shars price fell $1.76 to $6.74 at the closr of regular trading Wednesday.
Sprint Nextel’xs expected closures may fall hardest on contractors that theOverland Park, Kan.-based telecom hired for outsourced custome r call center work, the Stifel Nicolauss report predicted. It notedc that TeleTech is one of threemain business-processw outsourcing companies used by Sprint Nextel for call centerr work. “If volumes are cut across the board, we expecy TTEC to be the most impacted,” Rosenbaum’s repory said.
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