Why Verizon Fell Today

2026-06-29 15:46:02 ET

Shares of Verizon (NYSE: VZ) fell on Monday, down as much as 8.1%, before recovering to a 5.8% decline as of 1:54 p.m. EDT.

There was a spate of news for Verizon today. First, the company announced it would spin off its international enterprise-focused operations into a joint venture with BT Group (OTC: BTGO.F), while also announcing headcount reductions and severance charges as part of its own cost-cutting initiatives.

Additionally, rival and partner Comcast (NASDAQ: CMCSA) announced its intentions to separate its broadband and mobile services from its NBCUniversal and Sky media properties. There was also a report over the weekend that Space Exploration Technologies (NASDAQ: SPCX) was in discussions with Charter Communications (NASDAQ: CHTR) to use its terrestrial network for a mobile phone service.

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