Wall Street to Verizon Communications Inc.: "Can You Hear Us Now?"
By Sean Williams
What: Shares of Verizon Communications, one of the nation's largest wireless and content providers, faced substantial pressure in Thursday's trading session, with its shares falling $0.98, or 2%, to close at $48.10, according to S&P Capital IQ data. This came after JPMorgan Chase downgraded the company in favor of rival AT&T. It was the biggest one-day move for Verizon since mid-March.
So what: According to the research note released before Thursday's opening bell from Philip Cusick at JPMorgan, there are now a lack of near-term catalysts with Verizon that make its chief rival a much more attractive play.
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