Shares of telecom giant Verizon Communications Inc. slumped 0.5% in afternoon trade, putting them on track to suffer a ninth-straight loss. That would be the longest losing streak since the nine-session stretch ending Oct. 13, 2005. There have been four eight-session losing streaks since then, in May 2017, October 2012, January 2012 and February 2009. Analyst Walter Piecyk at BTIG warned investors against selling into the weakness, saying the stock’s relatively high dividend yield, the fact that the stock is trading at the deepest discount to the broader market in years and the belief that concerns over competition ahead of the release of Apple Inc. much-anticipated 10th anniversary iPhone are overblown suggests “Verizon’s stock is once again attractive” as third-quarter reporting seasons approaches. Verizon’s current dividend yield of 5.1% is the highest among Dow Jones Industrial Average components, while the price-to-earnings ratio of 11.78, according to FactSet, is well below the S&P 500’s 21.50. Verizon’s stock has shed 14% over the past three months while the Dow has gained 3%.
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