Why AT&T and Verizon Stocks Tanked on Thursday
The two leading U.S. telecom stocks, AT (NYSE: T) and (NYSE: VZ), came under significant pressure on Thursday. The source of this was a media article about the market entry of a potentially powerful new rival. This put enough fear in investors to drive AT's share price down 5% on the day, while Verizon's suffered a nearly 3% decline.
That morning, The Wall Street Journal published an article stating that Dish Network (NASDAQ: DISH) is in discussions to sell plans for its wireless telecom service to customers through Amazon (NASDAQ: AMZN). Citing "people familiar with the matter," the business newspaper wrote that the details of such plans might be announced as soon as next month.
Known chiefly as a satellite TV broadcaster, Dish has been acquiring mobile assets for years. The company spent roughly $30 billion on mobile spectrum licenses alone, according to the Journal's reporting, and has been building out its network of cell towers in the U.S. for several years.
Source Fool.com
Verizon Communications Inc. Aktie
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