Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, April 24, 2020

Article Excerpt

VERIZON COMMUNICATIONS INC., $57.93, New York symbol VZ, is a buy. With this telco you tap 119.55 million wireless users, 10.4 million phone customers and 20.9 million Internet and TV subscribers. The company continues to see strong demand for its wireless services. However, the COVID-19 outbreak has forced it to close 70% of its retail locations. That has hurt its ability to sell new smartphones and other hardware. Verizon estimates COVID-19 reduced its earnings in the latest quarter, ended March 31, 2020, by $0.04 a share. Overall, the company earned $4.16 billion, down 17.4% from $5.03 billion. Earnings per share declined 18.0%, to $1.00 from $1.22, on more shares outstanding. However, if you disregard unusual items, mainly a loss on the purchase of new wireless frequencies (spectrum), earnings per share gained 5.0%, to $1.26 from $1.20. That beat the consensus estimate of $1.22. At the same time, revenue fell 1.6%, to $31.61 billion from $32.13 billion a year earlier. That missed the consensus estimate of…