AT&T, Verizon Fall As China Mobile Looms Large, Time Warner Cable Dips on CFO Departure

NEW YORK (TheStreet) -- AT&T (T) and Verizon Communications (VZ) once again were trumped on the global stage as the world's largest telecommunications carrier. Time Warner Cable (TWC) fell after announcing its CFO was leaving.

AT&T closed down 0.55% to end he day at $34.35, while Verizon slipped 0.44% to finish at $49.22.

The two U.S.-based carriers once again fell in the shadow of China Mobile, which took the title of world's largest carrier based on the number of its subscribers, according to a report in Forbes

And by market cap, China Mobile also beat out AT&T and Verizon. China Mobile's market cap stands at $271.5 billion, while AT&T is $173 billion and Verizon is $205.5 billion, according to the Forbes survey in May.


Time Warner Cable fell 0.34% to end the day at $180.28.

The cable company dropped after it announced its CFO Arthur Minson would be leaving to join a startup. The announcement comes roughly a week after Time Warner Cable and Charter Communications (CHTR) announced their $78.7 billion buyout deal

Minson, who has served as Time Warner Cable's CFO since 2013, had postponed his start date at WeWork until it became more clear the path Time Warner Cable would ultimately take, according to an Associated Press report. WeWork is a startup that rents out work space to individuals seeking a place in which to hunker down, as well as to companies in need of a headquarters or extra space. 

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.

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