Phone stocks fall on merger worries

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Wednesday, June 21, 2000 | 11:18 a.m.

WorldCom Inc. and Sprint Corp. shares fell today amid speculation that U.S. and European antitrust authorities will block the companies' proposed $149 billion combination.

WorldCom shares fell $1.63 to $40.06, and Sprint fell 88 cents to $59.25 in early afternoon trading. The companies expect to know within two weeks whether the U.S. Justice Department will sue to block the transaction. Their talks with the agency, which is concerned the combined company would stifle long-distance telephone competition, have failed to ease those fears, people familiar with the discussions told Bloomberg News.

Sprint is the dominant local phone company in Las Vegas.