Telecommunications Sector Down As AT&T And Time Warner Merger Talks Advance

After Verizon Communications  (VZ) posted disappointing quarterly results and revenue yesterday, talks of a merger deal between AT&T  (T) and Time Warner  (TWX) that could come as soon as this weekend pulled down the telecommunications services sector more than 1% again today.

AT&T purchasing Time Warner, reported by the Wall Street Journal, would make the telecommunications company a giant in the media world if completed. Historically companies like Comcast (CMCSA)  and Disney (DIS) have successfully tried to bridge the gap between technology, internet and media by purchasing media companies like NBCUniversal and ABC.

Shares of AT&T fell 3% to $37.49 per share while shares of Time Warner rose 7.82% to $89.48 at market's close.

Black Box  (BBOX) , a technology solutions provider, is the biggest loser of the day. The company announced in a statement on October 5 that it will release its second quarter of Fiscal 2017 financial results on Tuesday, November 1, 2016. A conference call hosted by E.C. Sykes, President and CEO of Black Box Corporation will follow at 5:00 p.m. Eastern Time. Shares of Black Box fell 3.15% to $12.30 per share today. 

Sprint  (S) , a Verizon and AT&T competitor, saw its shares drop 3% to $6.55 per share. The dip took place after Reuters reported that investors gave the telecoms carrier a much-needed liquidity boost through its $3.5 billion of spectrum-backed bonds.

NTT DOCOMO  (DCM)  is a Tokyo, Japan-based mobile telecommunications carrier. The company, along with Sony  (SNE) , developed the most popular payment system in Japan - the FeliCa payment standard. Reports have been circulating that Apple (APPL) intends to adopt the FeliCa payment standard to take cash out of the transaction system. Shares of NTT DOCOMO were down 2.23% to $24.10 per share.

Internet Gold Golden Lines (IGLD) , which has kept up a losing streak since yesterday, saw its shares decrease another 2.71% to $12.20 per share.

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