Not that I know much about anything, but I’m a little perplexed by the large stake in Verizon exited so quickly at a loss. Thoughts?
Verizon story changed. See the latest announcements.
What announcements are you referring to?
On April 21st in their 1Q earnings, VZ announced, now compare this to other mobile operators, they are doing fine.
Additionally, Verizon expects the following results for full-year 2022:
Reported wireless service revenue growth at the lower end of the previously guided range of 9 percent to 10 percent.
Adjusted EBITDA1 growth at the lower end of the previously guided range of 2 percent to 3 percent.
Adjusted EPS1 at the lower end of the previously guided range of $5.40 to $5.55.
I would imagine they do not dislike VZ but rather just see better opportunity in CVX, OXY, Y and C with pretty good growth + dividends here. Nice to harvest the tax loss as well as there are not many!