Telecom and Cable Stocks Drop On Verizon Earnings Miss
(NYSE: VZ) reported earnings this morning and fell short of analyst estimates -- and that's caused AT (NYSE: T) and Comcast (NASDAQ: CMCSA) to fall with it. The market seems to be taking a sell-first, ask-questions-later approach to this earnings season so far.
Shares of Verizon traded as much as 7% lower on the day, Comcast dropped 3.2%, and AT was down 4.2%. The stocks were off 6.3%, 1.5%, and 3% respectively at 3:00 p.m. ET.
The headlines today show that Verizon's revenue missed estimates of $32.9 billion after a 0.6% increase in revenue to $32.8 million in the second quarter. But that was in large part because hardware sales, which lose money, were down $300 million to $5 billion.
Source Fool.com
Verizon Communications Inc. Stock
€37.00
1.080%
The stock is one of the favorites of our community with 24 Buy predictions and 1 Sell predictions.
With a target price of 41 € there is a slightly positive potential of 10.81% for Verizon Communications Inc. compared to the current price of 37.0 €.
