Why Verizon Fell Today
Yahoo Finance ·
Shares of Verizon ( VZ 5.11% ) fell on Monday, down as much as 8.1%, before recovering to a 5.8% decline as of 1:54 p.m. EDT. There was a spate of news for Verizon today. First, the company announced it would spin off its international enterprise-focused operations into a joint venture with BT Group (OTC: BTGO.F), while also announcing headcount reductions and severance charges as part of its own cost-cutting initiatives. Additionally, rival and partner Comcast ( CMCSA +5.33% ) announced its intentions to separate its broadband and mobile services from its NBCUniversal and Sky media properties. There was also a report over the weekend that Space Exploration Technologies ( SPCX +7.18% ) was in discussions with Charter Communications ( CHTR +9.50% ) to use its terrestrial network for a mobile phone service. Finally, today was the first day Verizon began trading outside of the Dow Jones Industrial Index .
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