Why AT&T, Verizon, and T-Mobile Stocks Were Sinking Today

Telecom stocks including AT&T (NYSE: T), Verizon (NYSE: VZ), and T-Mobile (NASDAQ: TMUS) were all pulling back Friday on some surprising news. According to Bloomberg, Amazon (NASDAQ: AMZN) is considering entering the wireless market, as it's held discussions about offering nationwide mobile phone service to Prime members, either for free or at a discount. Bloomberg said that Amazon is negotiating with Verizon, T-Mobile, and Dish Network (NASDAQ: DISH) to get a low wholesale price for service that it could then turn around and offer to Prime members for $10 a month or even free as an incentive to join and stick with the membership program.