- Wednesday, October 16, 2024
Shares of Verizon Communications Inc. (VZ) witnessed a 4.6% drop during Monday's morning trading. The stock is currently valued at $32.46, approaching its lowest close since December 1, 2010, when it settled at $32.35, according to Dow Jones Market Data. Verizon's shares are now on track for their eighth consecutive session of decline, marking the longest losing streak since September 8, 2017, when they fell for nine consecutive trading days.
The recent downturn in Verizon shares comes as The Wall Street Journal sheds light on the utilization of lead-sheathed cables within the telecommunications industry. This has raised concerns among analysts regarding potential implications for Verizon, as well as other telecommunications companies like AT&T Inc. (T), causing an overall uncertainty that has adversely affected their stock performance.
However, USTelecom, a trade association representing Verizon and AT&T, has emphasized that there is currently no evidence to suggest that legacy lead-sheathed telecom cables pose a major risk of lead exposure or public health issues. In a statement released last week, USTelecom assured that neither regulators nor any investigations have identified such cables as a significant cause for concern.
Despite these reassurances, Verizon shares continue to face downward pressure. Investors remain cautious due to the ongoing uncertainties surrounding the legacy cables issue. It remains to be seen how this will impact the future performance of Verizon and other telecommunications giants in the industry.
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