Seeking Alpha’s roundup of statements, announcements, and remarks that could impact markets, sectors, or individual stocks.
- Verizon (VZ) Chairman Mark Bertolini said that newly appointed CEO Dan Schulman is working on a plan to turn the company around amid declining market share.
“Verizon has gone from number one in market cap, bond ratings and market share to number three. And the network isn’t as differentiated as it used to be, in large part because everybody’s been spending money to put these 5G networks in place,” Bertolini told CNBC. “So losing 30% share over the last eight years is an issue, and we have to do something different.”
Bertolini noted that Schulman was currently reviewing the company, including its underlying cost structures, and plans to release a turnaround plan “sooner rather than later.”
“We believe that once we have that plan in place, we’ll have a good story,” Bertolini added. “The Street reacted early on that there’s going to be a price war; I think it’s less about price war than the value of what we’re offering to people through the product.”
- Foreclosure filings shot up 19% year-over-year in October, according to property data provider ATTOM.
The firm also said in its October report that filings such as default notices and bank repossessions were up 3% from September, marking eight straight months of increases year-over-year, according to CNBC.
- National Economic Council Director Kevin Hassett said the government’s October jobs report will not contain unemployment rate data due to the shutdown.
“The household survey wasn’t conducted in October, so we’re going to get half the employment report,” Hassett told Fox News, according to Bloomberg. “We’ll get the jobs part, but we won’t get the unemployment rate, and that’ll just be for one month.”
The October jobs report had been slated to be released on Nov. 7.