Verizon (VZ) Moves Higher Following Block Trade; Shares Forming 'Death Cross' Pattern
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Verizon Communications (NYSE: VZ) is continuing higher Tuesday afternoon following a little pep talk in the form of a massive block trade earlier.
Market data shows just over 936,000 shares crossing at 2:58pm EST right at the $42.80 level.
Since last reported, short interest on Verizon fell 8.3 percent to 47.68 million shares, just 1.7 percent of float. The last update was for December 31st.
Having hit an annual high of $48.77 last September, Verizon has been rather quiet recently as investors have mulled smartphone sales and the impact on margins. The 20-day SMA has moved down since and now appears to be hitting the 200-day SMA, otherwise known as a "Death Cross" pattern should the move hold.
Verizon has been erratic all session following fourth-quarter results issued earlier. Click here for more color.
Into the final minutes of trading Tuesday, Verizon is receding a little and is still up 0.9 percent.
Market data shows just over 936,000 shares crossing at 2:58pm EST right at the $42.80 level.
Since last reported, short interest on Verizon fell 8.3 percent to 47.68 million shares, just 1.7 percent of float. The last update was for December 31st.
Having hit an annual high of $48.77 last September, Verizon has been rather quiet recently as investors have mulled smartphone sales and the impact on margins. The 20-day SMA has moved down since and now appears to be hitting the 200-day SMA, otherwise known as a "Death Cross" pattern should the move hold.
Verizon has been erratic all session following fourth-quarter results issued earlier. Click here for more color.
Into the final minutes of trading Tuesday, Verizon is receding a little and is still up 0.9 percent.
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