The stir created around Verizon Communications Inc, an American broadband and telecommunications company and a component of the Dow 30, was a false alarm.
Earlier AT&T's Chief Executive Randall Stephenson said the economic slowdown is weakening its consumer business. The statement caused the fall of shares and evoked a damper on companies that depend on wireline and broadband sales.
At Citi's Entertainment, Media and Telecom Conference in Phoenix , Dennis Strigl, President & Vice-Chairman, chief operating officer, tried to explain the situation and come down the turmoil. He assured everyone that the company was in good shape and does not suffer from any economic difficulties.
The company’s shares went up 81 cents to $43.28 in early afternoon trading. In the past 52 weeks, the balance was between $35.60 and $46.24.
AT&T's shares fell 18 cents to $38.82.