NEW YORK (TheStreet) -- Vodafone (VOD) fell Wednesday, as the telecommunications company entered the highly competitive British broadband market. Frontier Communications (FTR) edged higher, after an analyst upgraded the company.
Vodafone fell 1.5% to close at $36.54, on a day when the broader markets advanced.
The company dropped as it launched its Vodafone Connect service, a broadband offering in the competitive UK broadband market, according to a report in the Financial Times. Vodafone's move into broadband is viewed as a way to take on BT Group (BT) via offering bundled wireless and Internet services, the Financial Times reported.
Vodafone is offering fibre broadband services, as well as ADSL service, at a discounted price for its existing wireless customers, which number 19.5 million, according to a report in ZDNet.com.
Frontier Communications rose 0.40% to finish the day at $4.98.
The telephone service provider for rural and small communities received a slight lift after Gabelli & Co. upgraded the stock to buy from hold, according to a report in Briefing.com.
Since April, Frontier has received a total of six upgrades, including the one from Gabelli on Wednesday. These upgrades have come in, despite Frontier missing its first quarter earnings and revenue estimates when it reported its results in May.
At the time it reported its first quarter earnings, Frontier CEO Dan McCarthy said in a statement, "I am very pleased to report that we continued our track record of consistent, strong broadband growth for the quarter."
Frontier added 17,100 net broadband additions during the first quarter.