Verizon Communications Inc (VZ) said earlier this week that it expected to incur a charge of $1.8 billion to $2.1 billion during the present quarter in relation with the layoffs it plans.
About half of the layoffs, which the company announced on December 10th, are expected to come into effect by the end of this month.
Verizon shares closed higher for a second consecutive trading session in New York on Tuesday. The stock went up 1.00% ($0.58) to $58.85, after touching an intraday high at $59.40, or a price level not seen since December 4th ($59.40).
Shares of Verizon Communications Inc have risen 11.18% so far in 2018 compared with a 1.38% drop for the benchmark index, S&P 500 (SPX).
In 2017, Verizon’s stock went down 0.84%, thus, it underperformed the S&P 500, which registered a 19.42% return.
Verizon said it expected post-tax charges to be between $1.3 billion and $1.6 billion during the fourth quarter.
In relation with Verizons voluntary separation program, nearly 10 400 employees are to part ways with the company by the middle of 2019. According to Verizon, these employees are to receive a salary of up to 60 weeks as well as bonus and benefits, depending on how long they have served.
As of the quarter ending on September 30th, 152 300 people were employed with Verizon.
The wireless carrier is expected to report fourth-quarter results on January 29th. The median forecast by analysts points to quarterly earnings of $1.08 per share.
According to CNN Money, the 24 analysts, offering 12-month forecasts regarding Verizon Communications Inc’s stock price, have a median target of $59.00, with a high estimate of $65.00 and a low estimate of $50.00. The median estimate represents a 0.25% upside compared to the closing price of $58.85 on December 11th.
The same media also reported that 16 out of 30 surveyed investment analysts had rated Verizon Communications Inc’s stock as “Hold”, while 14 – as “Buy”.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Verizon Communications Inc (VZ) are presented as follows:
Central Pivot Point – $58.20
R1 – $59.23
R2 – $60.79
R3 – $61.82
R4 – $62.86
S1 – $56.64
S2 – $55.61
S3 – $54.05
S4 – $52.50
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