Cable & Wireless: Poor reception

John Pluthero’s plan for speeding up Cable & Wireless seems to have backfired. The London-listed telecoms group’s boss has promised on Tuesday to grow ebitda at its Europe, Asia & US arm - mainly a UK business - at a 20% annual rate through 2013. That’s twice as fast as in the most recent half-year. But investors were far from impressed by the ambition. C&W shares fell down 10%. That looks harsh, but it’s not irrational. C&W investors have two reasons to doubt Pluthero’s bright picture. The fir...