Verizon (NYSE:VZ) spectrum outlay grabs focus after Dow drop
Verizon Communications Inc. wrapped up a busy week with its cash spending taking the spotlight. Shares rose as the company put down $3.16 billion for new mid-band spectrum, a figure close to what it pays out in dividends for a quarter. The move came after Verizon was dropped from the Dow. Stock finished Friday at $46.54, rising 1.02% for the day and gaining 2.6% in five sessions. Trading volume hit 38.13 million shares, about 156% of its 65-day average, as investors weighed both the Dow removal and the FCC auction outcome.