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Verizon, AT&T Power Telecom ETFs

NEW YORK ( TheStreet) -- Strong subscriber additions drove stronger-than-expected results from Verizon (VZ - Get Report) and AT&T (T - Get Report), prompting buying in telecom ETFs.

Vanguard Telecom Services ETF (VOX) is rising 1.3% on Friday forenoon trading. The fund has a 20% exposure to AT&T and an 18% holding in Verizon.

Telecom HOLDRS (TTH) is also up 1.3%, although it has an even more concentrated exposure to the telecom service providers. Together the two stocks account for 83% of the fund's portfolio.

Shares of AT&T and Verizon were up 0.8% and 4.1% respectively on Friday morning trading.

Health care and pharmaceutical ETFs were heading lower on Friday morning. PowerShares Dynamic Pharmaceutical Sector (PJP) was lower by 0.5%. Its top holdings include Johnson & Johnson (JNJ - Get Report), Merck (MRK - Get Report) and Abbott Laboratories (ABT - Get Report).

-- Reported by Shanthi Venkataraman in New York.

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Copyright 2010 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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PJP $58.82 -3.00%
VOX $91.42 0.06%
ABT $37.90 -1.60%
JNJ $112.43 -0.40%
MRK $53.25 -1.60%


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