AI
Monday, January 10, 2011 1:08:02 PM
AT&T shares fall on prospect of Verizon iPhone
Shares of AT&T Inc (T.N) fell 1.5 percent on Monday as investors bet that sales of an Apple Inc (AAPL.O) iPhone at its bigger rival Verizon Wireless would take away customers from AT&T.
Shares of AT&T, the No. 2 U.S. mobile service, fell 44 cents to $28.41 on New York Stock Exchange a day before the expected announcement of the end of AT&T's more than three years of exclusive U.S. rights to sell the popular Apple phone.
Verizon Wireless, a venture of Verizon Communications (VZ.N) and Vodafone Group Plc (VOD.L), will sell the iPhone under its existing wireless service plans, which include unlimited web surfing, a source told Reuters.
This year AT&T eliminated its unlimited wireless data plans. Pacific Crest analyst Steve Clement said Verizon iPhone sales, expected to kick off around the end of January, would translate to customer losses for AT&T and make it tough for AT&T to report any net customer additions for 2011.
However, Verizon Wireless could report as many as 2.5 million net new customers this year, Clement estimated. He noted that in the third quarter iPhone accounted for about 40 percent of AT&T's gross additions, which exclude customer cancellations or churn.
http://www.reuters.com/article/idUSTRE70941I20110110?feedType=RSS&feedName=globalMarketsNews&rpc=43
AT&T signal reception rated the worst and
Verizon rated the best
Shares of AT&T Inc (T.N) fell 1.5 percent on Monday as investors bet that sales of an Apple Inc (AAPL.O) iPhone at its bigger rival Verizon Wireless would take away customers from AT&T.
Shares of AT&T, the No. 2 U.S. mobile service, fell 44 cents to $28.41 on New York Stock Exchange a day before the expected announcement of the end of AT&T's more than three years of exclusive U.S. rights to sell the popular Apple phone.
Verizon Wireless, a venture of Verizon Communications (VZ.N) and Vodafone Group Plc (VOD.L), will sell the iPhone under its existing wireless service plans, which include unlimited web surfing, a source told Reuters.
This year AT&T eliminated its unlimited wireless data plans. Pacific Crest analyst Steve Clement said Verizon iPhone sales, expected to kick off around the end of January, would translate to customer losses for AT&T and make it tough for AT&T to report any net customer additions for 2011.
However, Verizon Wireless could report as many as 2.5 million net new customers this year, Clement estimated. He noted that in the third quarter iPhone accounted for about 40 percent of AT&T's gross additions, which exclude customer cancellations or churn.
http://www.reuters.com/article/idUSTRE70941I20110110?feedType=RSS&feedName=globalMarketsNews&rpc=43
AT&T signal reception rated the worst and
Verizon rated the best
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