Light Reading, STOCKHOLM -- VON Europe 16 May 2006 --

Daiwa Securities SMBC Europe Ltd. analyst James Enck delivered a eulogy for the traditional European telecom sector at the VON Europe VOIP tradeshow today. "Investors hate European telecom," Enck told the crowd here. "The sector is performing even worse than tech, and that's going some."

Enck says the investors he deals with have too many doubts about the business health of Europe's national telecom operators. And the reasons for those doubts are legion.