Verizon shares close lower on Monday, company to launch 5G smart phones with Samsung in the US next year

December 4, 2018 8:04 am

According to a joint statement by Verizon Communications Inc (VZ) and Samsung Electronics Co Ltd on Monday, the two companies intend to launch 5G smart phones in the United States during the first half of 2019.

Verizon shares closed lower for the sixth time in the past thirteen trading sessions in New York on Monday. It has also been the steepest daily loss since April 30th. The stock went down 3.55% ($2.14) to $58.16, after touching an intraday low at $57.69, or a price level not seen since November 8th ($57.66).

Shares of Verizon Communications Inc have risen 9.88% so far in 2018 compared with a 4.37% gain for the benchmark index, S&P 500 (SPX).

In 2017, Verizon’s stock went down 0.84%, thus, it underperformed the S&P 500, which registered a 19.42% return.

Verizon tied up with Samsung so that it could introduce its first commercial 5G service in October in locations such as Los Angeles, Indianapolis, Sacramento and Houston.

Bloomberg had previously reported that Apple Inc intended to delay the launch of its 5G iPhones until at least 2020.

5G technology offers up to 50 or 100 times higher data speeds compared to present 4G networks. According to Verizon, its 5G Home internet service could offer typical speeds of 300 Mbps and peak speeds of almost 1 Gbps.

According to CNN Money, the 24 analysts, offering 12-month forecasts regarding Verizon Communications Inc’s stock price, have a median target of $59.00, with a high estimate of $65.00 and a low estimate of $50.00. The median estimate represents a 1.44% upside compared to the closing price of $58.16 on December 3rd.

The same media also reported that 16 out of 30 surveyed investment analysts had rated Verizon Communications Inc’s stock as “Hold”, while 14 – as “Buy”.

Weekly Pivot Levels

By using the traditional method of calculation, the weekly levels of importance for Verizon Communications Inc (VZ) are presented as follows:

Central Pivot Point – $59.78
R1 – $61.25
R2 – $62.20
R3 – $63.67
R4 – $65.14

S1 – $58.83
S2 – $57.36
S3 – $56.41
S4 – $55.46

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