The report had a serious impact on AT&T and Verizon stocks, sending them on a downward trajectory in the past week. The investors seem to be cautious about potential legal actions against the companies as well as lack of clarity about how the issue will be handled.

AT&T shares have dipped 11.51% in the past five days, sinking to $13.53 on Monday. This is the lowest the company’s stock has plunged in almost 30 years.

Verizon’s stock also experienced a similar plunge. It traded at $31.46 on Monday, which is 10.50% lower compared to five days ago. The company’s shares are now the lowest they have been since 2010.

This development poses another challenge for the telecom companies, which have already been tested by the slowing wireless business and the potential entry of new challengers in the industry.

“We view this as a potential new risk factor for wireline telecom operators with legacy network assets and are therefore not surprised that the market reaction has been material,” Goldman Sachs analyst Brett Feldman wrote in his note to clients.

The post AT&T and Verizon Stocks Crash Following Reports of Problematic Use of Lead-Covered Cables appeared first on theprimarymarket.com.

Verizon revealed that it had $5 billion in third-quarter net income, representing a 23% drop compared to the same period in 2021. But the company did manage to beat Wall Street estimates in terms of revenue, coming at $34.2 billion compared to the $33.8 billion expected.

Verizon also took a big hit in the consumer business, where it lost around 189,000 subscribers who were paying monthly phone bills. This was most likely the result of additional charges that the company added to its plans in previous months.

But despite this, Verizon’s CEO Hans Vestberg believes the move will prove beneficial in the long run.

“The pricing actions we took earlier this year, as well as our new cost savings program, show that we are being deliberate and strategic in our decisions to strengthen our business.” said Verizon CEO Hans Vestberg in a statement.

Verizon shares closed at $35.35 on Friday. This represents around a 4% single-day drop and is the lowest point in mid-2011.  

The post Verizon Stock Drops to Decade-Low After Decline in Profit and Subscribers appeared first on theprimarymarket.com.

The report had a serious impact on AT&T and Verizon stocks, sending them on a downward trajectory in the past week. The investors seem to be cautious about potential legal actions against the companies as well as lack of clarity about how the issue will be handled.

AT&T shares have dipped 11.51% in the past five days, sinking to $13.53 on Monday. This is the lowest the company’s stock has plunged in almost 30 years.

Verizon’s stock also experienced a similar plunge. It traded at $31.46 on Monday, which is 10.50% lower compared to five days ago. The company’s shares are now the lowest they have been since 2010.

This development poses another challenge for the telecom companies, which have already been tested by the slowing wireless business and the potential entry of new challengers in the industry.

“We view this as a potential new risk factor for wireline telecom operators with legacy network assets and are therefore not surprised that the market reaction has been material,” Goldman Sachs analyst Brett Feldman wrote in his note to clients.

The post AT&T and Verizon Stocks Crash Following Reports of Problematic Use of Lead-Covered Cables appeared first on theprimarymarket.com.

Verizon revealed that it had $5 billion in third-quarter net income, representing a 23% drop compared to the same period in 2021. But the company did manage to beat Wall Street estimates in terms of revenue, coming at $34.2 billion compared to the $33.8 billion expected.

Verizon also took a big hit in the consumer business, where it lost around 189,000 subscribers who were paying monthly phone bills. This was most likely the result of additional charges that the company added to its plans in previous months.

But despite this, Verizon’s CEO Hans Vestberg believes the move will prove beneficial in the long run.

“The pricing actions we took earlier this year, as well as our new cost savings program, show that we are being deliberate and strategic in our decisions to strengthen our business.” said Verizon CEO Hans Vestberg in a statement.

Verizon shares closed at $35.35 on Friday. This represents around a 4% single-day drop and is the lowest point in mid-2011.  

The post Verizon Stock Drops to Decade-Low After Decline in Profit and Subscribers appeared first on theprimarymarket.com.