VZ - Why Telecom Stocks Like AT&T Were Buzzing Today
2023-10-24 18:34:00 ET
On a day when a top name in their industry posted surprisingly strong quarterly results, numerous telecom stocks followed this leader by rising in price on Tuesday.
Big sector dog AT&T (NYSE: T) saw a nearly 4% bump on the day, while scrappy No. 3 service provider T-Mobile US (NASDAQ: TMUS) rose in excess of 2%. Smaller industry players got in on the action too, with CommScope Holding (NASDAQ: COMM) being a particularly outperforming title with its almost 10% climb. All three stocks were well ahead of the S&P 500 index, which increased by 0.7%.
The alpha wolf leading the pack on Tuesday was sturdy Verizon (NYSE: VZ) , which unveiled its third-quarter results well before market open. In contrast to more than a few recent quarters, the company beat analyst estimates on both the top and bottom lines, and raised its guidance. This boosted sentiment not only for its own stock but for the wider telecom industry.
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Why Telecom Stocks Like AT&T Were Buzzing Today