Verizon (NYSE: VZ) stock, more volatile than the late-afternoon weather in July, turned sharply upward yesterday after CEO Lowell McAdam said its wireless arm would report more than 1.4 million retail postpaid additions in the second quarter.
McAdam, speaking among assembled media moguls at the Allen & Company conference in Sun Valley, Idaho, said Verizon Wireless expects to report a net of more than 1.4 million retail postpaid additions in the second of quarter 2014. "This includes strong smartphone additions, company-record tablet additions and net additions for handsets," according to an entry on the Verizon website.
He added that Verizon would report very good retail postpaid churn when it details second-quarter earnings on July 22.
The news drove Verizon's stock 1.5 percent higher to end at $49.64, making it a big winner on a day the overall Dow Jones Industrial Average (DJIA) dropped 70 points. Earlier in the week, Verizon stock fell 1.93 percent to $48.82 in late afternoon trading, leading 24/7 WallStreet.com to label the company the "big loser among the Dow 30 stocks."
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