Boston, MA 02\/14\/2013 (wallstreetpr) \u2013The wealthiest man on the globe, Carlos Slim lost $3.8 billion of his net worth when the shares of Mexico based wireless communications company, America Movil SAB de CV plummeted by over 11%, in last two days. Due to the slow rate of economic growth in Mexico constrained revenues the company said.<\/p>\n
The amount is just a \u00a0\u201cdrop in the bucket\u201d for the billionaire but considering the magnitude of market cap \u201clopped off \u201cAmerica Movil SAB de CV is no more a success at least in the \u201cnear term\u201d said Christopher King who is an analyst at the Stifel Financial Corp (NYSE:SF)\u2019s subsidiary Nicolaus & Co.<\/p>\n
The shares had the biggest plunge since 2008 at the market close yesterday, causing the IPC index\u2019s decline by 1.7% . The company is a large component of that index.<\/p>\n
The company\u2019s wireless telephony sales in Mexico plunged by 3% in the 4th<\/sup> quarter of 2012 , Daniel Hajj, Chief Executive Officer of the company disclosed yesterday over a conference call. Amid the nose diving slump in the Mexican market, America Movil L (FRA:MV9)\u2019s largest market, it was forced to move into another region but most of its overseas expansion reaped non-consistent results. The market value of an investment in the Netherlands based Royal KPN NV also declined.<\/p>\n King has extended a \u201chold\u201d<\/i> rating for the stock. Declining margins for the Latin America\u2019s largest mobile phone operator which holds \u201cmonopolistic status in Mexico and Colombia\u201d, is a red alert for the industry on the whole, he says. \u201cIf they can\u2019t hold up their margins, no one else really has a chance\u201d.<\/p>\n Slim\u2019s net wealth is over $7 billion more than that of Bill Gates the owner and founder of Microsoft Corporation (NASDAQ:MSFT). The two tycoons are currently collaborating for the agricultural research in Mexico. Slim has made a charitable donation of $2 million in the state led MasAgro plan, that will decrease the country\u2019s reliance on imported grain.<\/p>\n ADRs of America Movil SAB\u00a0 trade on the NYSE and the NASDAQ exchanges in the US. Yesterday,<\/p>\n The America Movil SAB SAB de CV ADR (NYSE:AMX) was down by 1.66% to close at $21.98 while America Movil SAB SAB de CV (ADR) (NASDAQ:AMOV) was down by 1.38% to close at $21.98. The Stifel Financial Corp (NYSE:SF) shares were up by 1.37% to close at $39.25.<\/p>\n","protected":false},"excerpt":{"rendered":" Boston, MA 02\/14\/2013 (wallstreetpr) \u2013The wealthiest man on the globe, Carlos Slim lost $3.8 billion of his net worth when the shares of Mexico based […]<\/p>\n","protected":false},"author":32,"featured_media":5566,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[4],"tags":[1689,1687,1686,1688,1690],"stock_ticker":[],"class_list":["post-5565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nasdaq-high-profiles","tag-america-movil-sab-sab-de-cv-adr-nyseamx","tag-nasdaqamov","tag-nyseamx","tag-nysesf","tag-stifel-financial-corp-nysesf","entry"],"acf":[],"yoast_head":"\n