T is trading 4.7% down at $21.66 after Verizon and BT Group announced they are merging their international enterprise operations into a $4 billion joint venture.
- The new partnership creates a more formidable global competitor to T’s business-services footprint, sparking investor concerns over competitive positioning.
- The decline is viewed as company-specific and tied to valuation risks, as broader U.S. indices are currently rebounding from recent macro pressure.