Verizon (NYSE:VZ) drops after Dow removal, BT charges weigh on shares
Verizon Communications Inc. dropped sharply Monday. Shares fell $2.99 to $43.55, off 6.4%, even though the cash outlay for its new BT partnership wasn't huge. By comparison, the SPDR S&P 500 ETF Trust gained 1.3%. Verizon lost around $12.6 billion in market value, looking at the day’s share price drop against its current market cap. That loss is about 20 times larger than the $625 million equalisation payment Verizon is paying in the BT deal. It also comes in at about 8-10 times the range of second-quarter items Verizon listed in its 8-K filing Monday.