Verizon (VZ) - Get Report was down 5.8% to $52.94 in midafternoon trading. The top local phone company reaffirmed its financial targets for 2001 and 2002 and said it sees a stronger fourth-quarter than a year ago. Verizon also said it sees long-distance, DSL and wireless demand at current levels in 2001. Verizon's comments follow the announcement today from No. 2 phone carrier SBC Communications (SBC) that its earnings would be at the low end of the expected range. SBC was down 12.5% to $46.56.