Verizon Communications Inc. (VZ) ruling dangerously around support level of $28.65
October 27, 2009 5:08 AM
Verizon Communications Inc. (NYSE: VZ) has posted a 30% decline in its third-quarter profit as rival AT&T Inc. and Apple Inc.'s iPhone took a bite out of its wireless growth.
Verizon Stock (VZ) closed at $28.64 on Monday ahead of results, and had been showing strong volumes ahead of Q3 results. The stock, at $28.64, is now exactly around the past six months support level of $28.65, from where it started moving up in July this year. However, in case the VZ fails to hold on to $28.65 support level, it could test lower bottom of around $27.
The New York based Verizon Communications Inc. (VZ) has done a good job of keeping pace with AT&T (NYSE: T) , which has an exclusive deal to sell the iPhone. But the number of new contract customers fell by more than 50% from a year earlier, largely because Verizon (VZ) lacked any new high-profile devices in the period.
