JPMorgan analyst Sterling Auty attributes today's pullback in shares of Synchronoss Technologies (SNCR) to a research note from Baird talking about the potential loss of Verizon (VZ) as a cloud customer. The comments come after the wireless carrier changed the pricing in the Verizon cloud offering. Auty sees "no chance" of Synchronoss losing Verizon as a customer in the near-term since the wireless carrier recently renewed its contract with the company for multiple years. He views today's selloff as a "significant overreaction" and recommends buying Synchronoss at current levels. Shares are off their lows but remain down $5.91 to $31.48 in morning trading.

Ribbon Communications (RRBN) announced plans for a major network modernization program with Verizon (VZ) to retire legacy TDM switching platforms and replace their function with modern cloud-based technologies. Verizon is leveraging Ribbon's portfolio of Voice Products including the vC20 Call Controller, G5 Line Access Gateway, G6 Universal Media Gateway, virtual and Cloud-native Session Border Controllers, and other products which allows for the consolidation and replacement of equipment with energy efficient, software-centric platforms while maintaining full feature functionality.