Why Verizon Communications, Automatic Data Processing, and Sirius XM Holdings Jumped Today
Thursday was a bad day for stocks overall, with the Nasdaq Composite falling by more than half a percent and the broader S&P 500 posting more modest losses on the session. Most market participants blamed the downturn on a reversal of fortune for technology stocks, which have led stocks higher throughout much of 2017. With major benchmarks having pushed well into record territory for an exceedingly long time without a correction, some investors believe that a bigger pullback is inevitable.
Yet earnings season brought good news to some companies, and Verizon Communications (NYSE: VZ), Automatic Data Processing (NASDAQ: ADP), and Sirius XM Holdings (NASDAQ: SIRI) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Shares of Verizon Communications climbed 8% after the telecom giant announced its second-quarter financial results. Verizon said that its revenue was roughly flat from year-ago levels, and earnings rose just 2%. Yet the big news from the wireless telecom leader was that new subscriber counts in the postpaid smartphone arena jumped by 590,000, and churn rates remained below the key 1% level, indicating greater loyalty among Verizon customers. The company attributed part of its success to its decision to move forward with new unlimited wireless data plans, but Verizon only did so because competitive pressures from rivals had made it practically impossible not to follow suit. Now, attention will turn to whether Verizon can take the lead in rolling out a 5G network to improve on quality and reliability.
Source: Fool.com
Sirius XM Holdings Inc. Stock
Based on 6 Buy predictions and 7 Sell predictions the sentiment towards Sirius XM Holdings Inc. is rather balanced.
However, we have a potential of 69.95% for Sirius XM Holdings Inc. as the target price of 5 € is above the current price of 2.94 €.
