Single letter stock values: Part 2 -- N, Q, S & T

In this Part 2, George Putnam continues his look at stocks with single letter symbols, noting, "Odd as this idea may at first seem, it actually makes some sense for a deep value investor."

In The Turnaround Letter he explains, "These are often old-line companies with well-known brand names. In some cases the single letter symbols were awarded many decades ago." Here's 4 more "singular" ideas.

"NetSuite (NYSE: N) is the youngest of the single letter stocks. The provider of on-demand business management software went public in late 2007.  (The N symbol formerly belonged to Inco, a nickel producer that was acquired in 2006.) 

"After rallying to nearly $46 in its first few weeks, the stock declined sharply and has bounced around the $20 level for the last several months. While its operating history is short, NetSuite's products look interesting. And with $170 million in cash, the company has time to prove itself.

"Qwest Communications International (NYSE: Q) is the indirect progeny of another single letter stock, the original AT&T). Much of the current company is made up of the business of old US West, which was created by the break-up of AT&T in 1984.

"Qwest provides telephone services in 14 western and midwestern states. The company is at a disadvantage to some of its peers because it doesn't have its own wireless business.

"But, that said, the old wireline franchise still has a lot of value as they figure out how to send more data and video over the phone lines.

"Sprint Nextel NYSE: S) has struggled since the acquisition of Nextel in 2005, but there are some indications that the business may be at least leveling off.

"A new management team is aggressively pursuing new marketing schemes as well new technology such as WiMAX. If results don't improve, some or all of the company could be sold.

"AT&T (NYSE: T) was reconstituted when SBC bought AT&T in 2005 but kept the AT&T name and stock symbol. The company went on to purchase BellSouth in 2006, which brought with it full control of Cingular Wireless (since renamed AT&T).

"The company services some 60 million local phone lines, 15 million broadband subscribers and 71 million wireless customers.

"As merger-related charges begin to wane and synergies begin to payoff, operating results should begin to improve. The company's financials are sound, quite capable of supporting a share repurchase program and attractive dividend."