Why Did Frontier Communications Corp. Shares Lose 12% in July?
For quite a while Frontier Communications (NASDAQ: FTR) has delivered nothing but bad news to its shareholders. The company has been slowly losing the subscribers in California, Texas, and Florida (CTF) it spent $10.54 billion acquiring, while it both cut its dividend and completed a reverse split of its stock.
Frontier did not deliver any new bad news in July. Instead it executed on some negative news it had already told shareholders about.
The company completed its 1-for-15 reverse split of the issued shares of common stock on July 10. That was part of a double whammy for investors, who received a lower dividend than the $0.105 per share it had been for the previous nine quarters.
Source: Fool.com
