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Telecom Stocks Drop After Report That Amazon Might Offer Mobile Service

Published

11 months ago

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Telecom investors are feeling some pain Friday following reports that Amazon.com is looking into entering mobile phone service.

Bloomberg News reported Friday that the retailing giant has been talking with wireless carriers about offering low-cost or free mobile to Prime subscribers.

Holders of traditional telecom stocks clearly don’t like the sound of that. AT&T, Verizon and T-Mobile all fell at least 4% or more in recent trading Friday. Amazon rose a bit more than 1%.

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