Why Verizon Stock Was Slipping Today
Shares of Verizon (NYSE: VZ) were moving backward today after top rival AT&T (NYSE: T) posted disappointing results in its first-quarter earnings report. Verizon and AT&T essentially compete in a triopoly with T-Mobile, and both companies are subject to similar trends in the macro-level economy and the telecom industry. As a result, Verizon shares were down 3.6% at 11:38 a.m. ET, while AT&T had fallen 9.3% at the same time.