Amazon.com is reportedly looking into entering mobile phone service, and telecom investors are feeling the pain.
Bloomberg News reported Friday that the retailing giant has been talking with wireless carriers about offering low-cost or free mobile to Prime subscribers.
Holders of traditional telecom stocks clearly don’t like the sound of that. AT&T, Verizon and T-Mobile all fell 4% or more in morning trading Friday. Amazon rose some 2%.
Source: https://www.wsj.com/livecoverage/stock-market-today-jobs-report-06-02-2023/card/telecom-stocks-drop-after-report-that-amazon-might-offer-mobile-service-qEiHWgtr3GN9ID8Ckgye?siteid=yhoof2&yptr=yahoo