Verizon: Not So Resilient [telecom]

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The wireless industry was supposed to be recession-resilient, but the Q2 results of Verizon Communications (VZ) suggest otherwise. The wireless giant has actually underperformed the market during 2020 despite holding up somewhat better than the S&P 500 during the March swoon. My investment thesis has long held that the stock is trapped below $60, and Q2 results, combined with guidance, confirm this trend in the stock will hold up.