VZ - Verizon Communications Inc.

NYSE - NYSE Delayed Price. Currency in USD
59.61
+0.26 (+0.44%)
At close: 4:02PM EST

59.57 -0.04 (-0.07%)
After hours: 6:14PM EST

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Trade prices are not sourced from all markets
Previous Close59.35
Open59.30
Bid59.53 x 1000
Ask59.63 x 4000
Day's Range59.21 - 59.69
52 Week Range52.28 - 61.58
Volume7,376,791
Avg. Volume11,058,379
Market Cap246.534B
Beta (3Y Monthly)0.50
PE Ratio (TTM)15.32
EPS (TTM)3.89
Earnings DateJan. 30, 2020
Forward Dividend & Yield2.46 (4.14%)
Ex-Dividend Date2019-10-09
1y Target Est61.71
  • Streaming Wars Commence as Disney+ Nears Debut
    Zacks

    Streaming Wars Commence as Disney+ Nears Debut

    Disney (DIS) is set to debut its Disney+ streaming service on Tuesday, which will intensify the competition between streaming services.

  • Adam Neumann's Older Look-Alike Might Make We Work
    Bloomberg

    Adam Neumann's Older Look-Alike Might Make We Work

    (Bloomberg Opinion) -- John Legere may be exactly the kind of CEO WeWork needs. He brings much of the eccentricity and charisma that was initially appreciated about ousted founder Adam Neumann, but without all the headaches and liabilities. Is Legere ready to retire his closet of magenta T-shirts? We Co., the parent of the beleaguered office-sharing startup, is in discussions to recruit Legere, the current head of wireless carrier T-Mobile US Inc., as its next CEO,  the Wall Street Journal reported on Monday. The talks come after WeWork’s plans for an initial public offering imploded in grand fashion in recent weeks, as a litany of questionable decisions and conflicts of interests involving then-CEO Neumann came to light in a saga that has captivated Wall Street. WeWork, for a short time one of the world’s most valuable startups, had said in its summer IPO prospectus that its “future success depends in large part on the continued service of Adam Neumann.” Weeks later, Neumann was considered such a risk that the company decided it was better to effectively give him $1.2 billion to step away.Hiring Legere would immediately help improve WeWork’s tarnished reputation, though repairing the business is another story. Office vacancies increased in the third quarter, and the company was at risk of running out of cash next year. Legere’s garish style and hectoring on Twitter may also cause some to wonder whether he’s just another Neumann; it’s certainly hard not to notice the physical resemblance between the long hair, loud personality and signature T-shirt-and-sports-coat pairing.But few CEOs can say they’ve taken on a challenge as difficult as reviving T-Mobile — and succeeded. That’s Legere’s claim to fame. As I wrote in July 2018, even the groaners who are tired of his shtick and Twitter snark can’t argue against his track record.When Legere became CEO of T-Mobile in 2012, it was a distant fourth-place competitor in the U.S. wireless market and losing customers. Now it’s the fastest-growing member of the industry, and its displaced Sprint as the No. 3 carrier. T-Mobile’s lower-priced plans and marketing mojo have even given AT&T Inc. and Verizon Communications Inc. a run for their money. In the last five years, shares of all its closest rivals advanced anywhere from 12% to 21%. T-Mobile’s nearly tripled. Legere may seem like an odd choice given that he’s spent his career working in the telecommunications and technology industries. The connection becomes clearer when considering SoftBank Group Corp.’s role. The Japanese conglomerate built by billionaire Masayoshi Son not only controls WeWork — the result of a $9.5 billion rescue package — but also Sprint Corp., T-Mobile’s closest competitor and hopeful merger partner. Sprint Executive Chairman Marcelo Claure, who is also chief operating officer of SoftBank, was tapped to help fix WeWork’s problems. He’s spent a lot of time with Legere these last two years as they worked to sway federal and state officials to support the merger of the two wireless carriers. Legere has done with T-Mobile what Claure and his predecessors couldn’t with Sprint, even as SoftBank injected billions along the way. One might think that WeWork would seek out a lower-profile leader, given the roller-coaster it has been on the past few months; Legere is anything but that. And at 61 years old, it’s a little surprising that he would consider following up such a successful run at T-Mobile with a stint at a company as troubled as WeWork. T-Mobile has become part of his identity — he’s spotted in magenta T-Mobile gear whether he’s going for runs in New York City or filming his Facebook Live cooking show from his kitchen. T-Mobile shareholders wouldn't be happy to see Legere go. Worse, there's the appearance of a conflict of interest if SoftBank is pursuing Legere while the companies are separately renegotiating the terms of the Sprint merger.That aside, it’s clear that Legere likes a challenge, and WeWork is the ultimate one.To contact the author of this story: Tara Lachapelle at tlachapelle@bloomberg.netTo contact the editor responsible for this story: Beth Williams at bewilliams@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering the business of entertainment and telecommunications, as well as broader deals. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • How to Maximize Your Retirement Portfolio with These Top-Ranked Dividend Stocks - November 11, 2019
    Zacks

    How to Maximize Your Retirement Portfolio with These Top-Ranked Dividend Stocks - November 11, 2019

    The traditional ways to plan for your retirement may mean income can no longer cover expenses post-employment. But what if there was another option that could provide a steady, reliable source of income in your nest egg years?

  • Cincinnati Bell (CBB) Incurs Wider-Than-Expected Loss in Q3
    Zacks

    Cincinnati Bell (CBB) Incurs Wider-Than-Expected Loss in Q3

    Cincinnati Bell's (CBB) third-quarter overall revenues fall year over year due to lower revenues at Entertainment and Communications segment.

  • Disney Gains After Results as Analysts Look Ahead to Streaming
    Bloomberg

    Disney Gains After Results as Analysts Look Ahead to Streaming

    (Bloomberg) -- Walt Disney Co. shares rallied for their biggest intraday gain in seven months Friday, after the media giant reported fourth-quarter results that beat expectations.While the results were greeted warmly by Wall Street, most analysts are focused on the upcoming launch of the company’s Disney+ streaming-video service. The service “should take the wheel in determining the trajectory of the stock” from here, wrote Rosenblatt Securities, and optimism is growing over the company’s ability to add millions of subscribers early on.MoffettNathanson wrote that “we might be underestimating the size of the first year of launch,” given launch dates for the service in Western Europe and the potential for more bundles like Disney recently announced with Verizon Communications. Bernstein wrote that the prospect of 20 million first-year subscribers looked “much more likely” given these trends.Shares of the Dow component gained as much as 5.5% as the market opened in New York, to $140.25. Should the stock end the day with a gain of that magnitude, it would represent the biggest post-earnings rally since February 2015, according to Bloomberg data. The stock had gained about 21% thus far this year through Thursday’s close, compared with the 23% rise of the S&P 500.Here’s what analysts are saying about the results:Bernstein, Todd JuengerDisney+ is launching in Western Europe “much earlier than we thought,” and along with the Verizon deal, “year one subs of 20mm look much more likely.”The main question is how much can the company’s Core Parks business grow, if at all.Market perform, price target raised by $1 to $131.Rosenblatt Securities, Bernie McTernanDisney cleared “the last and lowered hurdle before Disney+ launches.” From here, “Disney+ should take the wheel in determining the trajectory of the stock,” and it will likely be a positive for shares.Subscriber declines for the company’s media networks accelerated more than expected, “highlighting the need” to focus on streaming.Buy rating, $170 price target.MoffettNathanson, Michael NathansonThis quarter “just doesn’t matter,” given how inherently messy it was given the acquisition impact of Fox assets, the consolidation of Hulu, and the pivot to direct-to-customer video streaming.Given the Western European launch dates for Disney+, as well as the potential for further telecom bundles, “we might be underestimating the size of the first year of launch.”“The market is sensing big things are brewing in the quarters ahead,” and momentum in subscriber growth may become the “sole focus” for investors.Buy rating, $150 price target.Cowen, Doug CreutzThe results were “strong,” but the near-term model is “in flux” given recent changes and the upcoming Disney+ launch.“We continue to believe that Disney+ is very well positioned to have an extremely strong launch that surpasses consensus subscriber expectations.”Outperform rating, $154 price target.What Bloomberg Intelligence Says:“Disney+ investments and the Fox integration will keep near-term earnings under pressure,” although the Fox assets give it “heft in a streaming world and a deep content library for direct-to-consumer offerings.”\- Analyst Geetha Ranganathan\- Click here for the researchTo contact the reporter on this story: Ryan Vlastelica in New York at rvlastelica1@bloomberg.netTo contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Steven Fromm, Courtney DentchFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • TELUS (TU) Q3 Earnings Surpass Estimates, Revenues Miss
    Zacks

    TELUS (TU) Q3 Earnings Surpass Estimates, Revenues Miss

    TELUS' (TU) third-quarter results reflect customer growth across its wireless and wireline business segments, driven by mobile phone and wireline additions, and rise in connected device subscribers.

  • Green Bonds Get Rubber-Stamped as Investors Question the Label
    Bloomberg

    Green Bonds Get Rubber-Stamped as Investors Question the Label

    (Bloomberg) -- Global investor enthusiasm for saving the planet has helped spur record issuance of green bonds. It’s also driving a surge in third-party verification that proceeds from the debt sales are actually destined for environmentally friendly projects, as fears of “greenwashing” mount.There have been about 480 green bonds issued by companies and governments so far this year with some form of assurance, a record high, according to data compiled by Bloomberg. That’s about 80% of all the green debt sold, and PepsiCo Inc. and Starbucks Corp. are among those paying independent reviewers for certification.“If we say something is sustainable, when our clients look under the hood it has to live up to that reputation,” said Mark Haefele, chief investment officer at UBS Wealth Management, which buys green bonds. Asset managers are concerned about lack of definition of what’s truly green, Haefele -- whose firm manages $2.5 trillion in assets -- said in an interview.Borrowers don’t have to prove proceeds will be used for a particular purpose, though second opinions can help sell bonds at a time when issuance is surging. Companies and governments typically align offerings with green bond principles and standards endorsed by the International Capital Market Association and Climate Bonds Initiative. But misleading claims about environmental benefits of projects are on the rise, making assurance and second opinions increasingly important to investors.“It really comes down to credibility,” said Heather Lang, executive director of sustainable finance solutions at Sustainalytics, which sells second opinions to green bond issuers. “Borrowers want to ensure the frameworks they put in place focusing on the green use of proceeds are aligned with global guidelines,” she said in a phone interview.Sustainalytics issued 35% more second-party opinions for green bonds in the third-quarter of this year compared to the same period a year ago. That included a 20-page opinion on Verizon’s green bond framework before the phone giant sold $1 billion in green bonds in February.The benefit of getting the second party opinion outweighed the cost, according to Kee Chan Sin, Verizon’s assistant treasurer.“It’s important to tie the green bond back to Verizon’s commitment to certain things like renewable energy and carbon neutral,” said Sin in a phone interview. “For some companies it might be expensive but for us it is money well spent.”What’s Green?Borrowers are taking advantage of the varying interpretations of green finance. Spanish refiner Repsol SA became the first major oil company to sell green bonds when it raised 500 million euros ($559 million) to help cut greenhouse-gas emissions and make its facilities more efficient in May 2017. That raised greenwashing concerns and led the Climate Bonds Initiative to exclude the debt from its database.Pepsi’s $1 billion green bonds -- marked for projects like sustainable plastics and packaging -- may be excluded from the Climate Bonds Initiative database if the company doesn’t provide more information on plastics. Bloomberg LP, the parent of Bloomberg News, also provides a green bond classification.Some borrowers are going a step further and asking auditors to review the use and management of proceeds, as well as reporting after the bond is issued. Assurance that funds raised are being allocated to the right projects could help the market grow, said Kristen Sullivan, sustainability and KPI services leader at Deloitte, which provides assurance to green bond issuers.Some investors are also doing their own audits.Large bond funds like Nuveen, which manages over $11 billion in responsible investing fixed-income strategies, are coming up with their own guidelines for identifying green bonds. The fund opted not to buy Verizon’s green debt because of “concerns around the lack of clarity on impact reporting and potential inclusion of 5G,” said Jessica Zarzycki, a co-manager of responsible investing fixed-income strategies at Nuveen.“You have to make sure what the issuer is promising is really what you are getting and everybody needs to do their homework,” said Zarzycki in a phone interview. “We’ve seen bonds that are labeled green and have second-party opinions where they don’t fit typically to our framework.”\--With assistance from Olivia Whalen, Bloomberg Global Data.To contact the reporter on this story: Caleb Mutua in New York at dmutua@bloomberg.netTo contact the editors responsible for this story: Nikolaj Gammeltoft at ngammeltoft@bloomberg.net, James Crombie, Allan LopezFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • AT&T Collaborates With University of Miami for 5G+ Solutions
    Zacks

    AT&T Collaborates With University of Miami for 5G+ Solutions

    AT&T (T) provides revamped 5G solutions and MEC at the University of Miami to promote innovative research, digital learning and development opportunities across various academic disciplines.

  • Zayo (ZAYO) Q1 Earnings & Revenues Miss Estimates, Fall Y/Y
    Zacks

    Zayo (ZAYO) Q1 Earnings & Revenues Miss Estimates, Fall Y/Y

    Lower revenues and higher operating expenses drag Zayo's (ZAYO) first-quarter fiscal 2020 earnings.

  • Qualcomm (QCOM) Q4 Earnings & Revenues Top, Decline Y/Y
    Zacks

    Qualcomm (QCOM) Q4 Earnings & Revenues Top, Decline Y/Y

    Despite year-over-year decline owing to a challenging macroeconomic environment, Qualcomm (QCOM) beats fourth-quarter fiscal 2019 earnings and revenue estimates.

  • CenturyLink (CTL) Q3 Earnings Miss, Revenues Beat Estimates
    Zacks

    CenturyLink (CTL) Q3 Earnings Miss, Revenues Beat Estimates

    CenturyLink's (CTL) third-quarter results reflect growth in Enterprise and International & Global Accounts business units, coupled with expansion of adjusted EBITDA margin.

  • Disney earnings — What to know in markets Thursday
    Yahoo Finance

    Disney earnings — What to know in markets Thursday

    Media powerhouse Disney will take centerstage Thursday when it reports fiscal-fourth results.

  • The Zacks Analyst Blog Highlights: Verizon Communications, McDonald's, TOTAL, Broadcom and UPS
    Zacks

    The Zacks Analyst Blog Highlights: Verizon Communications, McDonald's, TOTAL, Broadcom and UPS

    The Zacks Analyst Blog Highlights: Verizon Communications, McDonald's, TOTAL, Broadcom and UPS

  • Altice (ATUS) Q3 Earnings Match Estimates, Revenues Up Y/Y
    Zacks

    Altice (ATUS) Q3 Earnings Match Estimates, Revenues Up Y/Y

    Altice's (ATUS) third-quarter results reflect growth in residential and business services revenues due to increased investments in networks, products and customer experience.

  • Top Analyst Reports for Verizon, McDonald's & TOTAL
    Zacks

    Top Analyst Reports for Verizon, McDonald's & TOTAL

    Top Analyst Reports for Verizon, McDonald's & TOTAL

  • Disney's (DIS) Q4 Report on Deck as Disney+ Launch Nears
    Zacks

    Disney's (DIS) Q4 Report on Deck as Disney+ Launch Nears

    Disney (DIS) is set to report its fourth quarter results after the closing bell on Thursday, November 7.

  • FCC Order Clearing T-Mobile’s Sprint Deal Includes Dissents
    Bloomberg

    FCC Order Clearing T-Mobile’s Sprint Deal Includes Dissents

    (Bloomberg) -- The Federal Communications Commission formally blessed T-Mobile US Inc.’s proposed purchase of Sprint Corp., publishing the decision approved by commissioners in a closed-door vote last month.The combination of the wireless carriers still needs to clear a court challenge brought by states. It was approved by the FCC on a 3-to-2 Republican-led vote on Oct. 16, but publication of the order was delayed.“The transaction will help secure United States leadership in 5G, close the digital divide in rural America, and enhance competition in the broadband market,” FCC Chairman Ajit Pai said Tuesday in a statement.The $26.5 billion deal won Justice Department approval in July as the carriers agreed to sell airwaves to Dish Network Corp. to create a new fourth wireless company and new competitor once Sprint is eliminated as a choice for consumers.T-Mobile and Sprint have agreed not to close their deal until after a decision in a multistate lawsuit. A trial is set for early December.Next HurdleThe states say the combination of the third- and fourth-largest U.S. wireless providers will decrease competition and raise prices in a market that’s already concentrated. The deal’s backers say it will quickly bring advanced 5G networks and create a stronger rival to leaders AT&T Inc. and Verizon Communications Inc.The FCC, in its order, rejected claims the deal would harm consumers.“The transaction would not substantially lessen competition,” the FCC said in the order, in part because low-cost provider Boost Mobile will be divested to Dish, which also receives network access and retail stores to form a new competitor,Two FCC Democrats voted against the merger, saying it’s bad for consumers.“The most likely effect of this merger will be higher prices and fewer options for all Americans,” Commissioner Geoffrey Starks said in an emailed statement. “It will establish a market of three giant wireless carriers with every incentive to divide up the market, increase prices and compete only for the most lucrative customers.”T-Mobile Chief Executive Officer John Legere -- who remade T-Mobile into a maverick competitor by eliminating annual contracts and offering unlimited data plans -- disputes that prices will go up. He insists that by buying Sprint he will be able to better compete against industry leaders Verizon and AT&T, all to the benefit of U.S. consumers.Sprint and T-Mobile are within reach of completing a deal that they have flirted with for years. In 2014, top officials at the Justice Department and the FCC rebuffed an effort by the companies to combine. The carriers returned in 2018, hoping for a more favorable reception from appointees of the Trump administration.Use or LoseThe approval also cancels Dish’s March 7 deadline to use some of its airwaves. Dish had started work on a narrowband network to satisfy the use-or-lose requirement, which could have forced the company to give up some of its airwave licenses.As part of the deal, Dish is committed to cover at least 20% of the U.S. population with 5G broadband by June 14, 2022, and 70% of the population by 2023.Dish faces an assortment of fines related to several bands of airwaves if it doesn’t meet its build-out commitments. The fine is capped at $1 billion.(Updates Dish-related conditions three paragraphs from bottom.)To contact the reporters on this story: Todd Shields in Washington at tshields3@bloomberg.net;Scott Moritz in New York at smoritz6@bloomberg.netTo contact the editors responsible for this story: Jon Morgan at jmorgan97@bloomberg.net, Rob GolumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Bloomberg

    Defending the Perimeter Isn’t Enough on Election Hacking

    (Bloomberg Opinion) -- The U.S. is now just a year from the 2020 presidential election. In 2016, we saw foreign interests influence the outcome of a presidential race when Russian hackers infiltrated the computer networks of officials in both parties, and then selectively disseminated the emails of Democrats. Is the nation in better shape to counter such threats this time around?It doesn’t look like it.For example, Microsoft recently reported an attack by Iranian hackers on the emails of current and former U.S. government officials, journalists covering political campaigns, and accounts associated with a presidential campaign. There is reason to believe that the attack, which consisted of more than 2,700 attempts on targeted email accounts, was backed by the Iranian government.According to security researchers and intelligence officials, hackers from Russia and North Korea have also begun targeting organizations that work closely with 2020 presidential candidates.Foreign enemies continue to see U.S. elections as an opportunity to subvert the will of the American people and exert control over our governance at the highest level. This most recent Iranian attack is a reminder that both political organizations and private enterprises face significant cybersecurity risks.Unfortunately, the legacy electoral systems most voters and organizations rely on do not offer sufficient protection in the modern digital landscape. When facing nation-state adversaries with billions in funding and information resources to rival the U.S. National Security Agency, Americans have to think beyond the popular two-factor authentication protocols. We need to protect not only the voting systems themselves, but the email, file-sharing and other communication systems of ancillary campaign groups, local officials and plenty more.What can we do to defend ourselves better? In my military and cyber experience, the operating principle is that the sophisticated attacker will eventually find a way through any perimeter defense. As supreme allied commander of NATO in the late 2000s, I pushed to strengthen the alliance’s nascent Cyber Defense Center in Tallinn, Estonia — but saw firsthand how easily Russian hackers penetrated our digital perimeter.Protections must be designed so that even if the attacker succeeds in getting to the target, the target remains safe. To do so, we need to think in terms of four core principles for secure communication systems that will be resilient to the inevitable breach.First, systems must employ end-to-end encryption. (Disclosure: I serve on the board of an information-security firm, Preveil Llc.) If we assume that attackers will be able to exploit vulnerabilities in server software or the defense mechanisms that guard it, then the only way to keep information secure is to make sure that it’s never exposed, even while on the server. With end-to-end encryption, data is only accessible to the sender and the recipient — it isn’t accessible en route to the server or on the server. Even if the server is compromised, the data is not. Think of this as the difference between working in an Ebola environment in a body suit, which will eventually weaken at the seams, and being vaccinated against the disease. The perimeter defense is far from worthless, but the vaccine — the internal protection — is vastly better. A second concern is the vulnerability of anything in the system that becomes a juicy target. While end-to-end encryption eliminates the server as a single entity that can be compromised, if the system has administrators with global access, a high-yield single target for attackers remains. To solve this problem, access to large amounts of sensitive user data should be granted only after being approved by several trusted individuals. Similar to the systems used for nuclear-launch codes, encryption cryptography can break up individual user keys into fragments that are distributed among multiple people. Therefore, administrative access to users’ accounts is achieved only when all key shards are present, so there is no single administrator who attackers can compromise to gain access.Third, it’s time to do away with passwords. According to the report of the 2019 Verizon data breach investigations, 80% of hacking-related breaches involve compromised and weak credentials. Rather than depending on fallible passwords, secure communication systems should now grant account access using a private encryption key. A 256-bit encryption key has a lot of different possible combinations of characters — nearly 10 to the 78th power, the same as the number of atoms in the universe — and is not crackable with existing computational power. Because the key is stored only on the user’s physical device, remote access isn’t possible.Finally, it is important to protect the most sensitive communications from socially engineered phishing and spoofing attacks. Traditional digital communications provide an opening for impostors to trick users into clicking on dangerous links or leaking information. When only known users are able to communicate with each other about an organization’s most confidential information, that risk of “lookalike” accounts is eliminated. The strongest security systems don’t depend on users to be perfect, or to always exercise good judgment. They make sure that data is safe even when humans are flawed. Getting at this “insider threat” is crucial.Security is a serious matter for organizations of all types, not just political parties during an election season. Organizations should rethink their security preparedness with a deeper understanding of the adversaries’ capabilities. They need to make the shift to secure systems modeled around these four core principles — including adopting ready-to-use encrypted communications systems for email and file-sharing.Between now and Nov. 3, 2020, there should be few higher priorities than improving security to stop hackers and foreign powers from threatening American democracy itself.To contact the author of this story: James Stavridis at jstavridis@bloomberg.netTo contact the editor responsible for this story: Tobin Harshaw at tharshaw@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.James Stavridis is a Bloomberg Opinion columnist. He is a retired U.S. Navy admiral and former supreme allied commander of NATO, and dean emeritus of the Fletcher School of Law and Diplomacy at Tufts University. He is also an operating executive consultant at the Carlyle Group and chairs the board of counselors at McLarty Associates.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Zacks

    Sprint's (S) Q2 Loss Wider Than Expected, Revenues Fall Y/Y

    Lower Lifeline program revenues and equipment sales with year-over-year decline in net wireless connections and service revenues negatively impact Sprint's (S) second-quarter fiscal 2019 performance.

  • The Zacks Analyst Blog Highlights: Intel, Skyworks, Verizon Communications and Ciena
    Zacks

    The Zacks Analyst Blog Highlights: Intel, Skyworks, Verizon Communications and Ciena

    The Zacks Analyst Blog Highlights: Intel, Skyworks, Verizon Communications and Ciena

  • California Fires Disable Phones, Reviving Calls for Backup
    Bloomberg

    California Fires Disable Phones, Reviving Calls for Backup

    (Bloomberg) -- Voluntary blackouts by utilities to prevent wildfires left telephones useless around California, reviving questions about whether more should be done to preserve service during disasters.“California is burning. Phones are not working. It’s time for the @FCC to start investigating,” Jessica Rosenworcel, a member of the Federal Communications Commission’s minority Democrats, said in a tweet Friday.There is no requirement for cell sites to have backup power. The industry has resisted efforts to make that mandatory, arguing that would be burdensome, in part because it can be expensive to rent space for equipment and hard to get permits to store fuel in some places.Utilities cut power to prevent more blazes as at least 10 large wildfires erupted across California in recent days. On Monday, 57% of cell sites in Marin County were down, limiting wireless service as cell sites ran out of power, according to the FCC.Cable and wired phone service was out for 455,000 subscribers. By Friday, as fires receded and utilities restored power, outages affected 110 cell sites, or less than 1% of more than 30,000 sites in three dozen counties, the FCC said.In Congress, 23 U.S. representatives from California requested a hearing.“Our telecommunications infrastructure has failed many times” during fires and other disasters, the representatives said in a letter to Commerce Committee leaders. The signers included Representatives Anna Eshoo and Mike Thompson, both Democrats.Evan Gilbert, a committee spokesman, declined to comment.During power shutdowns, many California residents realized that phones using voice-over-internet technology don’t work, and that cell towers are vulnerable to outages, the lawmakers said in their letter. They requested a hearing to discuss the role of telecommunications during natural disasters.Rosenworcel said the FCC should consider how not requiring backup power has made it “harder to reach out in disaster.”In decades past, telephones at the end of copper lines could offer service, even during widespread electricity failures, if a nearby hub managed to have power, perhaps from a generator.Now more than half of American households -- and more than 70% of adults renting their homes -- rely on mobile phones, according to the U.S. Centers for Disease Control.After Hurricane Michael plowed across Florida’s Panhandle in 2018, the FCC in a report said phone recovery was slowed by a lack of coordination between carriers, power companies that sometimes cut restored lines, and localities.The agency in 2016 endorsed a wireless industry pledge to promote resiliency in wireless networks during disasters through steps including letting calls travel on one another’s networks, having companies help each other, and boosting public awareness.CTIA, a trade group for companies including Verizon Communications Inc. and AT&T Inc., in a statement said that “providers invest significant resources to strengthen and harden networks so that they are able to maintain service during emergencies.”To contact the reporter on this story: Todd Shields in Washington at tshields3@bloomberg.netTo contact the editors responsible for this story: Jon Morgan at jmorgan97@bloomberg.net, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • GlobeNewswire

    Verizon Response: $100,000 grant to the California Fire Foundation for wildfire relief; Unlimited call/text/data for Californians Impacted by Hill and Easy Fires

    For media: we have b-roll, pictures and additional information about our emergency response equipment available at our Emergency Resource Center -.

  • U.S. Cellular (USM) Q3 Earnings Miss, Revenues Rise Y/Y
    Zacks

    U.S. Cellular (USM) Q3 Earnings Miss, Revenues Rise Y/Y

    United States Cellular's (USM) third-quarter 2019 results reflect higher service revenues and equipment sales on a year-over-year basis.

  • Verizon Communications (NYSE:VZ) Takes On Some Risk With Its Use Of Debt
    Simply Wall St.

    Verizon Communications (NYSE:VZ) Takes On Some Risk With Its Use Of Debt

    Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...

  • TV mogul says Supreme Court case against Comcast is about 'economic inclusion'
    Yahoo Finance

    TV mogul says Supreme Court case against Comcast is about 'economic inclusion'

    Byron Allen, the chief executive of Entertainment Studios Inc., alleges that Comcast refused to license his channels because he is black.