Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Telecom stocks tumble on report Amazon is in talks to offer mobile service to U.S. Prime subs

Published 06/02/2023, 09:04 PM
Updated 06/02/2023, 09:04 PM
© Reuters.

Amazon (NASDAQ:AMZN) is in talks to offer low-cost or even free nationwide mobile phone service to Prime subscribers, according to Bloomberg News.

Amazon stock gained 1.5% on the report while shares of telecom companies like AT&T (NYSE:T) and Verizon (NYSE:VZ) fell 5.7% and 5.2% respectively. T-Mobile (NASDAQ:TMUS) shares traded 7.2% lower in pre-market Friday.

On the other hand, shares in DISH Network (NASDAQ:DISH) gained as much as 8.3% on the report. The satellite services provider is already working with Amazon and is expected to start selling its wireless services on Amazon in July.

DISH shares rose in late May after the Wall Street Journal reported the company is in talks to sell wireless plans via Amazon.

The Bloomberg report also noted that the e-commerce giant has been talking to Verizon and T-Mobile to get the “lowest possible wholesale prices.” The aim is to further increase the loyalty of Prime subscribers.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.