Article Abstract:
AT&T Corp predicts that its earnings for the year 2000 will decline 0.9 cents to $1.80-$1.85 from the earlier range of $1.89-$1.94. The forecast, which was announced on May 2, 2000, caused the company's stocks dropping 14% on volume of 65 million shares. The 120-year-old firm also warns that its revenue growth for the year could be as low as 6%, rather than increasing 9%. On the day of the announcement, AT&T's shares dropped $6.81 to $41.94, while its wireless stock fell $2.25 to $32.25.
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Article Abstract:
Verizon Communications' operators and technicians numbering over 14,000 joined picket lines on Aug 7, 2000. On the second day of the strike, talks between the company and over 87,000 employees belonging to the Communications Workers of America became more contentious. Some of the union's demands include limits on forced transfers resulting from the merger, objections to work being farmed out to non-union firms and controversy about organizing rules for Verizon Wireless.
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Article Abstract:
Verizon Communications, the country's biggest local telephone company, is experiencing economic problems like AT&T and most of its Bell company peers. The company, which is the result of the merger of Bell Atlantic and GTE, reduced its earnings growth forecasts for the year 2000. Its second quarter earnings were below projections. The company's problems worsened as its union staged a strike which centered on issues such as job security.
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