Market Minute: Verizon Bidding to Control Wireless Venture with Vodafone

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Verizon Wireless - Getty Images
Getty Images
A battle for Verizon Wireless, and earnings that will move the market today.

The Dow Industrials fell 43 points yesterday, while both the S&P 500 and the Nasdaq ended virtually flat.

Verizon (VZ) is reportedly planning a $100 billion bid to take full control of its Verizon Wireless joint venture with the British phone giant Vodafone (VOD). Verizon now owns 55 percent of the wireless company. Reuters says the two sides have already held high-level talks.

This is one of the biggest days of the quarterly earnings season, with Exxon-Mobil (XOM) leading the way. Also out this morning: UPS (UPS), Dow Chemical (DOW), and 3M (MMM).

Chevron (CVX) raised its dividend by 11 percent. It's the 26th straight year the company has boosted its payout. Its earnings are due out tomorrow.

Online gaming company Zynga (ZNGA) posted a surprise profit, but that wasn't good enough to satisfy investors. Its shares are set to slide after the company issued a disappointing forecast for the current quarter.

Intuit (INTU), maker of Turbo Tax, says it endured a tough tax season. As a result, it lowered its forecast for the current quarter and the full year.

Starbucks (SBUX) and Amazon (AMZN) are due to report after the closing bell.

The biotech firm Regeneron (REGN) will be added to the S&P 500 after the close next Tuesday. That usually provides a boost, as mutual funds that track the index are forced to buy.

Microsoft (MSFT) says it will lift the curtain on its next generation Xbox game on May 21st. Both Xbox and Sony's (SNE) Playstation 4 are expected to be on store shelves in time for the holiday season.

And the new Hostess Brands, now owned by Apollo Global (APO) and another investment firm, plans to have Twinkies and Ding Dongs back on market by the middle of summer. The Wall Street Journal reports it will hire non-union workers at its bakeries.

–Produced by Drew Trachtenberg




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9 Comments

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jaguar6cy

Verizon is overpriced and over rated. Finally, competition will take care of that. Republic Wireless now has a $19 a month unlimited use, no contract, smart phone. I've had one for 7 months and I will never pay Verizon $100 a month again.

April 25 2013 at 12:55 PM Report abuse rate up rate down Reply
zapdog4

I am curious as to why our Government had broken up "Ma Bell" because it was a Public Utility Monopoly, yet they are allowing Cell Phone companies to do the same thing. Time for an Intervention...

April 25 2013 at 10:57 AM Report abuse rate up rate down Reply
patters85

I remember when Verizon(Bell) used to control the landline market. Once the VOIP systems took over. They immediately cut their prices to stay alive. That day will come with cellular also. That's why they're raking in as much money now. Because they know there's an end date to their greed in cellphone costs.

April 25 2013 at 10:51 AM Report abuse rate up rate down Reply
hiduby

Verizon sucks.

April 25 2013 at 10:30 AM Report abuse rate up rate down Reply
sslyone16

If however, you do not have a patent for something or you use a general idea and get everyone else out of business, then you are a monopoly that IS illegal.

April 25 2013 at 10:06 AM Report abuse rate up rate down Reply
sslyone16

verizon is trying to get a monoply and that is a no no in united states

April 25 2013 at 10:03 AM Report abuse rate up rate down Reply
anon_imus

I love Karina's boobs.

April 25 2013 at 9:35 AM Report abuse rate up rate down Reply
bollman002

i'm getting tired of there being less and less choices in phone providers,wish some more choices were available.when i bought my first phone i was with a company called,einstein they are no longer around, i paid 10.00 a month for service, now i pay 140.00, with verizon.

April 25 2013 at 9:34 AM Report abuse rate up rate down Reply
1 reply to bollman002's comment
patters85

Why are you paying so much? I only pay 130.00 a month with verizon. LOL! I actually tried many of the others but found that verizion is slightly better than ATT and most others just don't compare when it comes to overall products and airtime quality. Verizon knows that they have the market cornered so they charge more. But there will come a day when mobile will be more accessible to smaller carriers. Just like when land lines were undercut by VOIP phones.

April 25 2013 at 10:47 AM Report abuse rate up rate down Reply