Verizon stock headed for its biggest gain of the year, remains highest-yielding Dow component

Shares of Verizon Communications Inc. were rallying toward their best single-day performance this year Friday, bucking what’s been a tough recent stretch for the telecommunications giant. Verizon’s stock was up 4.0% in afternoon trading Friday and on track for its largest single-day percentage gain since Dec. 16, 2021 when it rose 4.4%, according to Dow Jones Market Data. Verizon’s stock remains the highest yielding among Dow Jones Industrial Average components with a 6.92% dividend yield. Dow Inc. is next highest with a 5.88% yield. The yield of fellow telecommunications company AT&T Inc. recently fell below Verizon’s for the first time since prior to the pandemic, and AT&T’s stock now yields 6.01%. Shares of the Big Three in U.S. wireless were all rising in Friday afternoon trading, with AT&T shares up 2.3% and T-Mobile US Inc. shares are up 7.2%. T-Mobile reported earnings Thursday afternoon that Cowen & Co. analyst Gregory Williams said showed “solid performance on every relevant metric including postpaid phone adds, churn, upside FWA [fixed-wireless-access] adds, upside margins, and raised 2022 guidance.”

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