U.S. stocks were down the day after the last presidential debate. The telecommunications services sector was down more than 1% today as disappointing quarterly results pull down the entire the industry.
Verizon Communications (VZ) reported on Thursday that it generated $30.93 billion in revenue in the third quarter, which fell short of analyst' estimates. The earnings report came as Verizon prepares to merge with Yahoo! (YHOO) . In July, Verizon agreed to purchase Yahoo for $4.8 billion. Both companies have been on thin ice since Yahoo recently disclosed a massive data breach that could have affected as many as 500 million users.
Verizon also disclosed declining subscriber growth, which came in the midst of a pricing war between competitors such as AT&T (T) , Sprint (S) and T-Mobile (TMUS) . Shares of Verizon dipped 2.46% to $49.14 per share today.
Pressures for Verizon rise as Bloomberg reported on Thursday that senior executives of AT&T and Time Warner (TWX) have discussed the possibility of a merger.
Consolidated Communications Holdings (CNSL) was the biggest loser of the day. Shares of Consolidated fell almost 7% to $23.42 per share by the market's close after analysts at Stephens & Co. downgraded their rating on the CNSL stock from "equal weight" to "underweight" today.
Israel-based telecommunications company B Communications (BCOM) saw its shares decrease 4.16% to $22.06 by the market's close. B Communications is a holding company with a controlling interest in Israel's largest telecommunications provider, Bezeq.
Other market movers include j2 Global (JCOM) , an LA-based communications company that provides internet services through business cloud services and digital media. The company's stock experienced unusually high volume on October 18, gaining 0.19% to a closing price of $64.62. In comparison, shares of j2 Global were down 2.69% to $62.69 per share today.