Shares of Verizon Communications Inc. slumped 0.8% in midday trade Monday, to pace the decliners in the Dow Jones Industrial Average , after the telecommunications giant succumbed to competitive pressure by re-introducing over the weekend an unlimited wireless data plan. Verizon had eliminated unlimited wireless data nearly five years ago, under the premise, as Jefferies analyst Mike McCormack describes, that unlimited data devalues the network and does not provide proper returns. McCormack said he believes Verizon’s shift was “dictated by market conditions,” particularly with T-Mobile U.S. Inc. going all-in with unlimited data, and with Sprint Corp. showing some success with its plans. Sprint’s stock shed 1.5% in midday trade and T-Mobile shares slid 3%. Over the past 12 months, Verizon’s stock has lost 3.1%, while Sprint’s has more than tripled, T-Mobile’s has run up 72% and the Dow has gained 28%.
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