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Shares of Verizon Communications Inc.
VZ + 2.30%
rose by 3.8% in mid-day trading, to avoid massive sales in the communications sector and in the overall market, after the third quarter results exceeded expectations. The rally put the stock on the way to the highest closing since April 12, 2000. Instinet analyst Jeffrey Kvaal reiterated his purchase note, saying it was "always improving." The recovery in Verizon shares resulted in a 1.3% decline in the selected communications services segment ETF
XLC, -1.11%
and the Dow Jones Industrial Average
DJIA, -1.33%
376 points, or 1.5% tumble. The Verizon stock has not risen 12% over the last three months, while the Dow Jones index has fallen 0.4%.
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