Frontier Communications jumps on report Verizon nearing takeover

Frontier Communications (NASDAQ:FYBR) soared 33% after a report that Verizon (NYSE:VZ) is in advanced talks for an acquisition. Verizon fell 4%.

An announcement could come this week, according to a WSJ report on Wednesday, which cited people familiar with the matter.

Frontier (FYBR) has a market cap of about $7 billion. It also has debt of more than $11 billion.

Shares of Verizon (VZ) rival AT&T (T) ticked down 0.6%.

Verizon (VZ) presented earlier Wednesday at the Bank of America telecom and Internet conference and is scheduled to present at the Goldman Sachs Communacopia conference on Thursday.

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