After holding steady in the 95 range, Nextel Communications debt took a point and a quarter dive late last week. Dealers maintain that the credit, which has risen above sector problems, should quickly pull itself back up. Nextel is based in McLean, Va. Calls to company officials were not returned by press time.
"Somebody put a cheap bid on the Street, 93 3/4, and somebody hit it," a trader remarked. "It's down where it shouldn't be, so somebody got lucky and picked it up cheap." He says this has happened with other credits, as deals begin to get pulled down by sector trouble.