Verizon Drops 5.3% After Dow Removal and BT Joint Venture Announcement

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โดย The Motley Fool·Read original
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Verizon Communications fell 5.30% to close at $44.08 on heavy volume after being removed from the Dow Jones Industrial Average and announcing a joint venture with BT Group to merge their international operations. Trading volume reached 47.9 million shares, about 93% above its three-month average of 24.9 million shares. The joint venture is expected to incur $700 million to $800 million in short-term restructuring costs, which spooked the market despite management's belief that the deal will be accretive to EBITDA. Adding to the pressure, Space Exploration Technologies executives held talks with Charter Communications about a potential consumer mobile phone offering in the U.S. The S&P 500 rose 1.16% to 7,439, while the Nasdaq Composite gained 2.07% to 25,820.

Impact on stocks 7

Cloud & Digital Infrastructure▼ · 4 stocks
BT Group Plc
BT-A
± MixedCapitalrelevance

Joint venture with Verizon incurs restructuring costs but expected to be accretive to EBITDA; net impact unclear.

Communication Services▲ · 1 stocks
Artificial Intelligence▲ · 1 stocks
Space Economy▲ · 1 stocks
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