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VZ

Verizon

$57.17

-0.52 (-0.90%)

10:21
12/10/18
12/10
10:21
12/10/18
10:21

Verizon: Approx. 10,400 employees accepted as part of voluntary separation offer

Verizon Communications announced that approximately 10,400 employees have been accepted as part of a voluntary program to leave the business as the company better positions itself for future growth. This program coincides with Verizon's recently announced realigned organization structure designed to optimize growth opportunities in the 5G era. "These changes are well-planned and anticipated, and they will be seamless to our customers," said Verizon CEO Hans Vestberg. "This is a moment in time, given our financial and operational strength, to begin to better serve customers with more agility, speed and flexibility." In a letter to employees, Vestberg noted, "For those who were accepted, the coming weeks and months will be a transition. For the entire V Team, there will be opportunities to work differently as we prepare for the great things to come at Verizon. Together, we are leading the world during this great technological revolution, and we will continue to lead the way." The Voluntary Separation Program offers up to 60 weeks' salary, bonus and benefits, depending on length of service. Employees who chose to volunteer were notified today whether they were accepted and their last date on payroll - either year-end 2018, or the end of March 2019 or June 2019, depending on the needs of the business. The company had 152,300 employees at the end of third-quarter 2018.

VZ Verizon
$57.17

-0.52 (-0.90%)

12/03/18
12/03/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Verizon (VZ) downgraded to Neutral from Overweight at JPMorgan with analyst Philip Cusick saying that as much as he likes Verizon's "consistent and improving execution," the combination of a new management team and reporting lines with the stock's 17% year-to-date increase make the risk/reward less compelling than peers AT&T (T) and Comcast (CMCSA). 2. Costco (COST) downgraded to Neutral from Buy at Citi with analyst Kate McShane saying she sees "more headwinds than tailwinds likely in 2019" for Costco. 3. Tractor Supply (TSCO) downgraded to Perform from Outperform at Oppenheimer with analyst Brian Nagel saying he views lower oil prices as a risk for the company. 4. LabCorp (LH) downgraded to Hold from Buy at Craig-Hallum and to Neutral from Buy at BofA/Merrill. 5. Quest Diagnostics (DGX) downgraded to Neutral from Buy at BofA/Merrill with analyst Derik de Bruin citing the cut in FY18 guidance. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/03/18
JPMS
12/03/18
DOWNGRADE
Target $62
JPMS
Neutral
JPMorgan downgrades Verizon to Neutral after 17% rally, prefers AT&T
JPMorgan analyst Philip Cusick downgraded Verizon Communications (VZ) to Neutral from Overweight with an unchanged price target of $62. The analyst says that as much as he likes Verizon's "consistent and improving execution," the combination of a new management team and reporting lines with the stock's 17% year-to-date increase make the risk/reward less compelling than peers AT&T (T) and Comcast (CMCSA). Cusick, however, still sees the stock increasing 2.7% to his $62 target in the next year along with the 4.0% dividend yield.
12/03/18
JPMS
12/03/18
UPGRADE
Target $38
JPMS
Overweight
JPMorgan upgrades AT&T to Overweight, adds to Analyst Focus List
JPMorgan analyst Philip Cusick upgraded AT&T (T) to Overweight from Neutral with an unchanged price target of $38. He also added the stock to his firm's U.S. Analyst Focus List as an Income idea. The analyst left recent management meetings and the company's analyst meeting with a better understanding of expectations around organic growth as well as how AT&T plans to de-lever the business using organic free cash flow and asset sales. Further, Cusick believes weakening video trends are now embedded in consensus expectations. At $31 per share, the stocks' risk/reward is "skewed to the upside and AT&T investors are being paid to wait." At these levels, Cusick prefers AT&T to Verizon Communications (VZ). The analyst downgraded the latter this morning to Neutral.
12/03/18
JPMS
12/03/18
DOWNGRADE
Target $62
JPMS
Neutral
Verizon downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Philip Cusick downgraded Verizon Communications to Neutral with a $62 price target.

TODAY'S FREE FLY STORIES

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HBT

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AOBC

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CRK

Comstock Resources

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0.3 (4.36%)

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Syndicate
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SU

Suncor

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0.02 (0.06%)

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Suncor increases share repurchase program by $500M »

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VRRM

Verra Mobility

$14.70

0.045 (0.31%)

17:24
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Syndicate
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EQ

Equillium

$3.20

-0.19 (-5.60%)

17:22
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Syndicate
Breaking Syndicate news story on Equillium »

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PAG

Penske Automotive

$51.36

0.015 (0.03%)

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LLY

Eli Lilly

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-0.31 (-0.27%)

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  • 30

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PRTH

Priority Technology

$3.24

-0.03 (-0.92%)

17:08
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Priority Technology reports Q3 EPS (9c), one estimate (12c) »

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DPZ

Domino's Pizza

$279.24

1.185 (0.43%)

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Domino's Pizza's Goldman sells 2,486 common shares »

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WE

We Company

$0.00

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, SFTBF

SoftBank

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GLYC

GlycoMimetics

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BLK

BlackRock

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Arvinas

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FEYE

FireEye

$17.09

-0.04 (-0.23%)

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CSCO

Cisco

$48.44

0.06 (0.12%)

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JPM

JPMorgan

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SI-Bone

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RLI

RLI Corp.

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0.78 (0.81%)

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CPA

Copa Holdings

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1.89 (1.79%)

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XBIT

XBiotech

$11.42

0.18 (1.60%)

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