Telecom Stocks Draw Attention

LONDON -- European telecommunication stocks have fared nearly as badly as the rest of the region's stock markets this year. But some fund managers say that the rout, at least, is over and that it's time to buy.

They say earnings at Europe's giant phone companies -- lackluster for the past three years -- are turning, and the shares offer an attractive dividend yield to boot. And though contracting consumer spending in Europe can affect all stocks, telecom firms are generally immune from the climbing oil prices that are cutting into earnings in other sectors.

The biggest risks to the ...